According to a press announcement distributed by the Mutuals Matter Association, the Mutuals Matter campaign “emphasizes the fact that, unlike other financial institutions that prioritize shareholder profits, mutual banks are bound by their charters to focus on the economic well-being of their customers and to invest directly into the communities they serve. As depositor-owned institutions, mutuals don’t have some of the conflicts that investor-owned banks have in setting their priorities.”
The Mutuals Matter campaign is focused on asking consumers thought-provoking questions: “Does it really make a difference where you do your banking? You care about where you shop and where your children go to school. Shouldn’t you feel good about your bank, too? To know that your money is making a difference right here in the community, rather than lining the pockets of investors a thousand miles away?”
While many of the same products and services available at mutual banks are offered at larger financial institutions, a mutual bank is owned by its depositors. Unlike traditional banks which prioritize shareholder profits, mutual banks focus on the well-being of their customers. They reinvest profits to improve the overall quality of life of the local community and its customers and employees.
Lori Dufficy, Chief Experience and Engagement Officer of Chelsea Groton Bank, recently joined the American Bankers Association podcast to discuss the unique value of mutual banking. She shared, “When we make our decisions here at Chelsea, we think about the impact on our customers, our team, and our community members. The decision-making process in our organization is devoid of any shareholder influence, ensuring that our decisions are free from any bias that may stem from a need to provide shareholder value. We know that makes our model very different.”
To learn more about why Mutuals Matter, visit Chelsea Groton’s website.
