Three Local Banks Have Mutual Goals
Salem Five, Florence Savings and Monson Savings Seek Approval to Create Mutual Holding Companies
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| Salem Five Cents Savings Bank has applied to the Massachusetts Division of Banks to establish a mutual savings bank as the first step in its plan to create a mutual holding company to be called Salem Five Bancorp. |
By Jennifer Jope
Almost 20 years after Congress amended the Bank Holding Company Act to allow mutual banks to form holding companies, three banks in Massachusetts now are looking to take advantage of the option, joining an emerging trend of institutions doing so with the intention of forming new business alliances, raising capital and diversifying business activity under the holding company umbrella structure.
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