Mutual Bank

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Mutual Bank
612 South Huntington Street
Syracuse, IN 46567
Phone: (574) 457-4989


The Mutual Home and Savings Association was formed. The purpose of Mutual Home over a century ago was very simple. The Association provided a safe place for saving money, and a source of funds available to the community for the building and purchasing of homes. Throughout the years of service to our communities, what is now MutualBank, has always promoted and delivered thrift and home ownership.

Strength with growth has always been MutualBank's agenda. From its simple beginning in 1889, MutualBank's assets grew to over twenty million dollars by 1950, and more than doubled to $52,500,000 by 1960. The 1960's saw the beginning of a new era for MutualBank. On March 11, 1963, MutualBank moved into its new office building at the corner of Charles and Mulberry. In addition, MutualBank opened its first convenience branch office at 2900 West Jackson Street. By the close of the 1960's, MutualBank's expansion was rewarded when its total assets neared the $100,000,000 mark.

MutualBank saw continued growth and expansion. In 1970, a second branch office was opened at the corner of Oakwood and McGalliard Avenue. MutualBank's strength was critical as it expanded into Randolph County. On January 1, 1975, MutualBank acquired Winchester Home and Savings. This acquisition served to further promote MutualBank's goals of thrift and home ownership. In 1977, MutualBank opened two additional convenience centers. An office in Yorktown, at the corner of Yorktown-Gaston Pike and State Road 32, and a new office to replace the first branch office on Jackson Street. In 1978 a sixth convenience office at 2000 S. Madison Street was added. During the 1970's, MutualBank's diligence to quality growth proved important as the firm's assets grew to almost $230,000,000.

MutualBank's second century of quality began with assets in excess of $337,000,000. The eleventh MutualBank office was opened at 3701 W. Bethel Avenue in Muncie, in 1991. In 1995, we celebrated with the grand opening of an office in North Webster, Indiana. This office saw tremendous growth during 1995 and is more effectively able to serve our many customers in Kosciusko County. MutualBank introduced Business Banking in 1997, giving businesses the ability to build a strong relationship with an institution dedicated to providing a broad range of business products and services. In 1997, MutualBank aquired an NBD branch in Albany, expanding MutualBank's service in northeastern Delaware County. MutualBank opened it's first branch located in a grocery store in Winchester, Indiana. At the end of the year in 1999, MutualBank announced the approval to complete the conversion from a Mutual Savings Bank to a Stock Savings Bank. MFS Financial, Inc. stock was first offered for trade on the NASDAQ National Market under the symbol MFSF on Thursday, December 30, 1999.

Over the years, MutualBank has been committed to serving the communities needs first. The communities that MutualBank serves have responded with a resounding vote of confidence by doing business with the Bank. With continued financial strength and strategic growth, MutualBank will remain successful through continued strong customer patronage.

Copyright © 2008-2009 MutualBank.