Mutual banks have a different corporate
structure than commercial banks. They do not have
shareholders, but rather are owned mutually by their
depositors. They cannot be bought and answer only to their
customers. Free from stockholder calls for larger returns,
mutual institutions tend to be locally focused and woven
into the fabric of the communities they serve.
The mutual form of bank ownership dates to 1831 and the
formation of the first savings association—the Oxford
Provident Building Association in Philadelphia. By buying
shares in the association and pooling their money,
association members came together to realize the dreams of
homeownership that had been out of reach.
The Bank of Bennington is a mutual bank with a deep
commitment to the area. It is the only bank headquartered in
Bennington County, with branches in Arlington, Manchester,
and Rutland.
