Msb (Noun)
Meaning
A state-chartered savings bank owned by its depositors and managed by a board of trustees.
Classification
Nouns denoting groupings of people or objects.
Examples
- MSB serves as a depository for local governments and school districts in addition to providing personal and commercial banking services to the community.
- MSB operates under a state charter, with the majority of its board of trustees elected by the depositors.
- As a state-chartered savings bank, MSB offers its depositors a wide range of deposit accounts, including passbook savings accounts and certificates of deposit.
- The MSB is required to distribute its profits to its depositors in the form of dividends, making it a popular choice for local residents looking for a high-yield savings account.
- In 2020, MSB reported assets totaling over $500 million, making it one of the largest state-chartered savings banks in the state.