On the Meaning of Mutuality

2024-10-22

We all need community, whether that’s your tight knit group of neighbors or greeting familiar faces at your favorite grocery store. That’s what humanity is all about.

What many don’t know is that mutual banks – especially mutual Minority Depository Institutions (MDIs) – put their neighbors first, too, further amplifying the meaning of community.

As someone who is deeply engrained in my community, being part of a mutual MDI and making decisions that directly impact my local neighborhoods fulfills me. So, what exactly does mutuality mean?

In short, when you deposit your money into a mutual bank, that money then gets reinvested into the local economy and community that helps people start their dream businesses or buy their first home. When we talk about mutual MDIs, that means we’re also providing the financial education and tools that our local residents need. Now that’s what I call the true definition of being there for each other – mutually benefiting each other so we can all thrive.

If you’re looking for that sense of community, look no further than your nearest mutual bank. You never know what you might find.

Robie K. Suggs
President and CEO Find me on LinkedIn: @robiesuggs