Finbond Mutual Bank | 4 Shoprite S Cntr Moshoeshoe St, Phahameng, Bloemfontein 9309, Free State

benefits to its depositors. When someone deposits funds in a Mutual Bank, she or he essentially buys an ownership stake in the bank and are entitled to vote at shareholder and member meetings. A Mutual Savings Bank is set up specifically to be operated for the benefit of the depositors. The purpose of the Mutual Bank is to stimulate savings by creating a safe place to deposit money and to offer benefits such as interest on deposits and dividends on Mutual Bank shares, and to invest conservatively for the purpose of generating profits. The institution most frequently identified as the first modern Mutual Savings Bank was the Savings and Friendly Society organized by the Reverend Henry Duncan (1774-1846), the local minister in 1810, in Ruthwell, Scotland. Rev. Duncan established the Mutual Bank in order to encourage his working class congregation to develop thrift. These first Mutual Savings Banks were designed to uplift the poor and working classes to teach low income individuals the virtues of thrift, a