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The Mutual Bank Story

WE DIDN'T SET OUT TO BE THE BIGGEST. JUST REALLY BIG-HEARTED.


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. For that reason, Mutual Bank was established as a mutual institution, owned by its depositors, instead of by shareholders. More than a century later, we're still a mutual institution. We like to think of it as a better bank with a big heart.

UPDATE: CEO Retirement »

OUR ROOTS ARE JUST AS DEEP AS OUR COMMITMENT.


Today's Mutual Bank is built on 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.

On November 27, 1877, The Security Savings Fund and Loan Association of Brockton, later called Security Federal Savings Bank, was founded. The Whitman Co-operative Bank, later called Mutual Federal Savings Bank of Plymouth County, was incorporated on March 6, 1889.


Both banks weathered the Great Depression of the 1930's, and converted to federal charters to provide insurance for members' deposits. In later years, a number of full-service branch offices were established. Both banks were among the first locally to embrace innovations in financial products, services and technology, such as debit cards, online banking and a web site.


In 2006, the two institutions merged to become Mutual Bank.


There are now Mutual Bank locations throughout Southeastern Massachusetts, stretching from Brockton and Whitman in the north, east to Plymouth and south to Falmouth on Cape Cod. Guided by Glen S. White, Chief Executive Officer, William J. Morse, President, and a Board of Directors of local business and community leaders, we continue the tradition of service to our communities and commitment to sound banking practices established by our founders more than a century ago.


Today, you can enjoy a true community bank with both personal and business services. 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 success is our success. We know it, and we live it every day. Your financial well-being means strong, healthy communities – and a brighter future for all of us.




MUTUAL BANK CEO GLEN WHITE WILL RETIRE AT YEAR END

Glen White

Glen White

Rich Spencer

Rich Spencer


WHITMAN, MA (JULY 22, 2016) – Mutual Bank, a full-service bank with offices throughout southeastern Massachusetts, announced today that Chief Executive Officer and Chairman Glen S. White will retire from the Bank and its board in December. Succeeding White as CEO will be Richard B. Spencer, Executive Vice President and Chief Financial Officer.

White's retirement caps a 34-year association with Mutual Bank. He joined the bank, then known as Mutual Federal Savings Bank, in 1982 as Assistant Treasurer and manager of Retail Banking, and rose to hold Vice President, CFO and Executive Vice President positions. In 2003, Glen assumed the post of President and CEO. Following the acquisition of Security Federal Savings Bank in 2006, he retained his leadership role as CEO, and was elected Chairman of the Board of Directors.

During Glen's tenure, Mutual Bank has achieved a series of benchmarks that influenced asset growth from $106 to over $475 million. The branch network expanded from four to nine offices, and full-service solutions were added for business banking, commercial lending and home mortgage financing. In 2013, the Bank initiated a successful partnership to create Mutual Investment Services, offering customized investment and financial planning. Debit cards, online banking, mobile banking and online mortgage lending were all launched under his guidance.

"Mutual Bank transformed and blossomed through Glen's vision," said Ronald N. Whitney, Director, who has served on the board with Glen for 16 years. "His open approach to change has made Mutual Bank an early adopter to many technology innovations that have revolutionized the customer experience. And his inclusive leadership style has created a culture that both employees and customers respond to."

In retirement, Glen and his wife, Becky, are looking forward to spending more time visiting family around the United States and Europe, and enjoying their first grandchild, Myles.

Rich Spencer joined Mutual Bank in 2003 as Treasurer, assuming leadership roles in accounting, finance, operations and information technology before becoming Executive Vice President and CFO in 2013. A Certified Public Accountant, his early career included a term as senior accountant with the Boston-based public accounting firm Wolf and Company. He holds a Bachelor's Degree in Accounting from Ithaca College and is a graduate of the Stonier Graduate School of Banking.

Added Mr. Whitney, "We feel fortunate to have put in place a management succession plan well in advance, making a seamless transition in the months ahead something that the entire Mutual Bank team is confident about."