Thomaston Savings Bank Joins Mutuals Matter Association

Thomaston Savings Bank recently became a member of Mutuals Matter, a nationwide association of mutual banks who have joined together to elevate awareness surrounding the role of mutuals and their commitment to serving local communities.

Developed by a group of 10 founding mutual bank participants, Mutuals Matter is a national advertising, marketing, and communications effort aimed at showcasing what distinguishes mutual banks from traditional stock banks.

“Mutual banks operate for the benefit of their clients and communities—not shareholders. Becoming a member of Mutuals Matter provides us the opportunity to connect with mutual leaders across the country, take part in advertising campaigns, and amplify the mutual message.” - Stephen Lewis, President & CEO, Thomaston Savings Bank

Mutuals Matter messaging 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 clients, 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.

“We know that today’s consumers are becoming increasingly conscientious about where and with whom they spend their hard-earned money and take their business,” said Gregg R. Tewksbury, President & CEO, NH Mutual Bancorp, and a founding member of the Mutuals Matter effort. “This is an opportunity for America’s mutual banks to come together and showcase the significant investments we as an industry make in our respective communities.”

Founding members of the Mutuals Matter Association include:
Chelsea Groton Bank (Groton, Conn.); First Mutual Holding Company, encompassing Blue Grass Federal (Paris, Ky.), First Federal Lakewood (Lakewood, Ohio), First Mutual Bank (New Martinsville, W. Va.), Martinsville First Savings Bank (Martinsville, Va.) and Warsaw Federal (Cincinnati, Ohio);‍ New Hampshire Mutual Bancorp, encompassing Meredith Village Savings Bank (Meredith, N.H.), Merrimack County Savings Bank (Concord, N.H.) and Savings Bank of Walpole (Walpole, N.H.); Piedmont Federal Bank (Winston-Salem, N.C.).