What is one difference between savings and loan associations and mutua

QUESTION

What is one difference between savings and loan associations and mutual savings banks?

A) Only savings and loan associations make loans for home mortgages.
B) Only mutual savings banks have recently ventured into life insurance and mutual funds.
C) Mutual savings banks are owned by their depositors, rather than by shareholders.
D) Only mutual savings banks are considered financial institutions.
E) Savings and loan associations are strictly nonprofit, whereas all mutual savings banks are for-profit.

ANSWER

Answer: C
Explanation: C) Mutual savings banks are financial institutions similar to savings and loans, except that they are owned by their depositors, rather than by shareholders.