Getting to Know Mutual Bank
Mutual Bank was built on a simple idea: local people and their businesses are best served by a local bank, with local interests at heart. That’s why Mutual Bank strives to provide financial service that is just as extraordinary as the communities it serves. The big banks may not understand – or have time for – your unique needs, but Mutual Bank gets it. We’re a team of dedicated professionals who are just as local as you are. You need a dedicated bank. And Mutual Bank is right in your backyard.
Today's Mutual Bank is rooted in the heritage, history and fabric of Southeastern Massachusetts. By the late 1800s, the areas around Brockton and Whitman had become industrialized and both towns shared in the area's prosperity from the manufacturing of mainly shoes and leather goods. Small groups of local business people who had already succeeded at retail, manufacturing, insurance and other businesses, started local community banks. The Whitman Co-operative Bank, later to become Mutual Bank, was incorporated on March 6, 1889. There are now Mutual Bank locations throughout Southeastern Massachusetts, stretching from Brockton to Plymouth.
The Bank was established as a mutual institution, owned by its depositors, not by shareholders. Fast forward more than a century, and the Bank is still a mutual institution, and proudly holds a Massachusetts cooperative bank charter. This means we can serve our customers’ best interests with undivided loyalty.
Rich Spencer, CEO, joined the Bank in 2003 as Treasurer, then served as CFO before assuming the chief executive role in 2016. As the youngest CEO in Mutual Bank’s history, Rich has put at the top of his priorities list: achieving the ideal blend of high-tech and high-touch to create the best banking experience for each customer – customized for personal and business neighbors alike.
Our roots are just as deep as our commitment.
In recent years, the Bank has added a number of new services. We expanded our commercial lending program; introduced the Leader Money Market Account, the first-in-market bank deposit account to offer a true market-indexed return with guaranteed growth; enhanced depositors’ FDIC insurance with Share Insurance Fund (SIF) for unlimited coverage; and launched RefiU, an online student loan refinancing platform. And we’re not done yet!
In 2017, Mutual Bank marked the 20-year anniversary of the tagline “That’s My Bank.” It has become a rally cry for employees and customers alike. The waiter at a restaurant. A fellow volunteer at a fundraiser. No matter where the conversation strikes, exclamations of Mutual Bank almost always include “That’s MY Bank!” It never gets old. Its music to our ears! Because truly, we work hard every day to earn your loyalty.
Today, at Mutual Bank you can enjoy a true community bank with both personal and business services – online, mobile and in your backyard. Whether you're looking for your first mortgage, starting a business or saving for the future, you'll get down-to-earth personal service from a financially-focused team. Your financial well-being means strong, healthy communities – and a brighter future for everyone around here.