A Mutual Bank
As a mutual institution, Dean Bank exists for the ownership and benefit of its depositors and cannot be sold to another bank. Our mutual charter allows us to keep our name and our focus on local folks and local needs. Our mutual charter also grants our bank complete independence from the influence of out of town interests and allows us the ability to operate under a local management and a local board of directors with local involvement, local focus, and local concern. Decisions are made on a local level and our daily business and lending activities take place on the main streets of our communities.
Mutual banks are located at the heart of the consumer-oriented community banking industry. Dean Bank is one of approximately 700 mutual banks operating in the United States who continue to help millions of families live the American dream by writing countless numbers of loans for homes, cars, education, vacations, and helping to see families through difficult times.
Mutual banks were founded by community-minded individuals who had no ownership interest in the institution. Their initial charters charged them with providing high quality banking services to the depositors and communities where they were located. They continue this mission today and, as such, mutual banks have become an important part of the local culture and community.
Unlike stock-owned institutions whose prime objective is to provide a satisfactory return to investors, mutual banks are owned by their depositors and are therefore free from the influence of stockholders who expect greater earnings and stock dividends from the institution every quarter. A mutual institution’s only constituency is its customer and its only objective is to serve the customer and the community.
As a mutual community bank:
- We are able to individualize our customer service, allowing us to deliver our products and services to our customers in a more affordable manner.
- We have the freedom to acquire knowledge of our communities and our customers. Our knowledge is first hand because we are residents of the communities we serve and many of our customers are our friends and neighbors.
- Our decisions are made locally and they can be much more responsive, flexible and tailored to local needs.
- Our civic responsibility and investment in our communities is driven by loyalty, and not greed.