James Brown, President and CEO of The Bank of Bennington, has been appointed to the Mutual Savings Association Advisory Committee, a national group that advises the Department of the Treasury on best practices for mutual savings banks. Formed by the Dodd-Frank Act, the committee is made up of ten mutual bank CEOs from around the country and is tasked with finding the best ways to help preserve mutual banking.
“It’s an honor to be asked to serve on this important committee and I am proud to represent rural Vermont and especially to help foster and promote mutual banking throughout the country” said Brown.
Mutual banks 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, celebrating its 100th anniversary this year, is a mutual bank with deep commitment to the area. It is the only bank headquartered in Bennington County, with branches in Arlington, Manchester, and Rutland.