A more thorough explanation:

A mutual savings bank is a type of financial institution that operates similarly to a regular bank, but with some key differences. Unlike a regular bank, a mutual savings bank has no shareholders or owners. Instead, the depositors themselves are the owners of the bank. This means that any profits made by the bank are returned to the depositors in the form of higher interest rates on their savings accounts or lower interest rates on their loans.

Let's say you deposit $1,000 into a mutual savings bank. Because you are a depositor, you are also a part-owner of the bank. Over the course of the year, the bank earns $100 in profits. Instead of distributing those profits to shareholders, the bank might choose to pay you a higher interest rate on your savings account, such as 1.5% instead of 1%. This means that you would earn an extra $5 in interest over the course of the year.

Another example of a mutual savings bank is the Savings Bank of Danbury, which is based in Connecticut. This bank offers a variety of savings accounts, checking accounts, and loans to its customers. Because it is a mutual savings bank, any profits made by the bank are returned to the depositors in the form of higher interest rates or lower loan rates.

These examples illustrate how a mutual savings bank operates differently from a regular bank. Instead of prioritizing profits for shareholders, a mutual savings bank prioritizes the financial well-being of its depositors.