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Liberty Bank locations in Connecticut as of 2017 Liberty Bank is the oldest mutual savings bank in the United States , [ 1 ] as well as the third largest bank in Connecticut . [ 2 ] Liberty Bank is headquartered in Middletown, Connecticut and has 62 banking offices throughout the state, and one in western Massachusetts. [ 3 ]
The mutual savings bank was founded as the Union Savings Bank of Danbury by a group of Danbury citizens including James S. Taylor, the bank’s first president. The Legislature of the State of Connecticut authorized the incorporation of the bank on June 20, 1866.
In 1985, the company began issuing credit cards, [5] but by 2004, it sold its credit card division to the Royal Bank of Scotland at a premium of $360 million. [7] [8] [9] The company moved to a new headquarters building designed by Richard Meier in 1989. [5] On June 7, 2007, the bank changed its name to People's United Bank. [4] [5]
However, mutual credit is not one of the recognised schools of economic thought. Even so, Keynes proposed a mutual credit system called the International Clearing Union instead of a gold standard, but it was rejected. The ideas can, however, be found in mutualism, which does value equitable exchange and cooperation. [citation needed]
A branch of the Coastal Federal Credit Union in Raleigh, North Carolina. A credit union is a member-owned nonprofit cooperative financial institution.They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (cheque accounts), credit cards, credit, share term certificates (certificates of deposit), and online banking.
TruStage Financial Group was founded in 1935 as the CUNA Mutual Insurance Society. Its purpose was to offer financial protection to Americans during the credit union movement. [8] After World War II, TruStage Financial Group grew rapidly and expanded many of its services. TruStage Financial Group began selling insurance products in 1983.
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. . While the terms "S&L" and "thrift" are mainly used in the United States, similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings b