A financial institution that is owned by its depositors is called a(n)
A) Ordinary share bank.
B) mutual savings bank.
C) insurance company.
D) savings and loan association.
E) national bank.

Question

Quizplus · Accepted Answer

A mutual savings bank is owned by its depositors, who share in the institution's profits and losses. Ordinary share banks are owned by shareholders, insurance companies are not deposit-taking institutions, savings and loan associations are owned by shareholders, and national banks can be either owned by shareholders or operate as federally chartered institutions.

A Financial Institution That Is Owned by Its Depositors Is