Mutual Savings Bank

What Mutual Savings Bank does

Mutual Savings Bank is an Indiana state-chartered community bank headquartered in Franklin, Indiana, serving Johnson County and surrounding communities since 1890 (originally founded as Mutual Building and Loan Association and converted to a state savings bank on October 1, 1994). The bank operates four branch locations across Franklin, Stones Crossing (Greenwood), and Trafalgar, and is a wholly-owned subsidiary of Third Century Bancorp (publicly traded on OTC Pink as TDCB), with total assets of $349M as of year-end 2025.

The bank's product set spans core retail deposit accounts (free checking tiers, savings, HSA, CDs, IRAs), consumer lending (home equity, vehicle, unsecured), and commercial banking (business checking, treasury management including ACH origination, wires, Remote Deposit Capture, and merchant services via Evolv). It also offers a full-time Trust Department (estate administration and fiduciary services) and 1031 Like-Kind Exchange Qualified Intermediary services for real property investors. Technology delivery is provided through a CSI-powered core platform with web and mobile (iOS/Android) banking, online account opening, multi-factor authentication, and Positive Pay fraud controls for commercial customers.

Mutual Savings Bank generates revenue primarily through net interest income on its loan and securities portfolio (funded by $214.7M in deposits as of Dec 2021) and through non-interest fee income from deposit accounts, treasury management, trust services, and card interchange. The go-to-market model blends a sales-led, branch-anchored relationship approach with direct-to-consumer digital self-service onboarding, targeting individual consumers and SMBs across Johnson County. It emphasizes free checking, local lending decisions, FDIC-insured deposits, and community involvement as core value propositions.

Name

Mutual Savings Bank

Legal name

Mutual Savings Bank

Website

https://mymsb.bank

Company type

Private

Founded year

1890

Operating status

Operating

Headcount range

11–50 employees

Short description

Mutual Savings Bank is a community savings bank serving Johnson County, Indiana through four branches, offering free personal and business checking, savings, CDs/IRAs, consumer and commercial loans, treasury management, and trust services to local consumers and SMBs.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Savings Institutions and Other Depository Credit Intermediation (52218)

SIC

Savings Institutions, Not Federally Chartered (6036)

akta.pro primary industry

Mutual Savings Banks & Mutual Thrifts (FSABAEAD)

Keywords

• Community banking services
• Consumer deposit accounts
• Commercial lending products
• Treasury management solutions
• Trust and fiduciary services

Headquarters

HQ city

Franklin

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Net Interest Income: Traditional banking revenue from the spread between interest earned on loans (consumer, commercial, mortgage) and interest paid on deposits. As a state-chartered savings bank, the primary revenue driver is interest income from the loan portfolio.
2. Non-Interest Income - Fee-Based Services: Revenue from various banking services including account maintenance fees (where applicable), overdraft fees, wire transfer fees, ATM fees (from non-Mutual ATMs), safe deposit box rentals, and trust services fees.
3. Dividend Income (Parent Company): Third Century Bancorp, the holding company, generates dividend income and returns capital to shareholders. Mutual Savings Bank serves as the primary subsidiary generating operating income.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels5 records

Core offering

Mutual Savings Bank is a community bank offering personal and business deposit accounts, consumer and commercial loans, treasury management, trust services, and digital banking. It operates four branches in Johnson County, Indiana, and delivers relationship-based banking with locally-made lending decisions backed by FDIC-insured deposits.

Product overview

Mutual Savings Bank is a community bank offering a comprehensive suite of personal and business banking products organized around core deposit accounts and lending services. The bank's product portfolio centers on personal checking and savings accounts (including High Yield Money Market, Statement Savings, Kids Club Savings, Christmas Club, and Vacation Club variants), Health Savings Accounts, and CDs/IRAs for retail customers. Business banking includes Absolutely Free Business Checking, Business Interest Checking, and Commercial Checking accounts supplemented by Treasury Management services (Business Online Banking, Remote Deposit Capture, Wire Transfers, ACH Origination, and Merchant Services via Evolv). The bank provides consumer lending (home equity, vehicle, and unsecured loans) and commercial lending (real estate and commercial/industrial loans) with local decision-making. Digital banking capabilities include Mobile Banking, Online Banking, Bill Pay, and E-Statements as integral service delivery channels. Additional offerings include Overdraft Protection, Trust Services, 1031 Like-Kind Exchange as Qualified Intermediary, Safe Deposit Boxes, Financial Calculators, and Positive Pay fraud protection for business customers.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts Free and interest-bearing personal checking accounts with no minimum balance and no monthly fees on basic tiers. Multiple options available (Absolutely Free Checking, Simple Interest Checking, 50+ Interest Checking, Premium Interest Checking) for individual consumers in Johnson County, Indiana.
• Savings Accounts Multiple savings account options including High Yield Money Market Savings, Statement Savings, Kids Club Savings, Christmas Club, and Vacation Club, each with different interest rates, minimum deposit requirements, and withdrawal terms for individual savers.
• Health Savings Account (HSA) Tax-exempt trust or custodial account for qualified medical expenses, available to individuals enrolled in High-Deductible Health Plans. Funds roll over year-to-year, earn interest tax-free, and can be used for qualified medical expenses, COBRA, and long-term care insurance premiums.
• CDs and IRAs Certificate of Deposit accounts requiring $1,000 minimum opening with guaranteed returns and FDIC insurance, alongside Traditional and Roth Individual Retirement Accounts (including Direct IRAs) for retirement savers.
• Business Checking Accounts Free business checking with free debit card, online banking, bill pay, mobile banking, and e-statements. Includes Absolutely Free Business Checking (1,000 free monthly transactions), Business Interest Checking for sole proprietorships, and Commercial Checking with earnings credit allowance for complex banking needs.
• Treasury Management Suite of cash management tools including Business Online Banking (24/7 access, ACH and wire transfers), Remote Deposit Capture (electronic check deposits), domestic and international wire transfers, ACH origination, and merchant services through the Evolv platform. Targeted at business customers needing cash flow management.
• Consumer Lending Personal loan products including Home Remodeling Loans, Home Equity Loans and Lines of Credit, Lot and Land Loans, New and Used Vehicle Loans, and Unsecured Loans, with decisions made locally by lenders who know customers personally.
• Commercial Loans Business lending products including Commercial Real Estate Loans (owner-occupied, non-owner occupied, construction, land/development, multi-family) and Commercial and Industrial Loans (working capital, equipment and vehicle loans, revolving lines of credit), with local decision-making.
• 1031 Like-Kind Exchange Qualified Intermediary services for IRS Section 1031 tax-deferred property exchanges. Facilitates exchanges of relinquished property for replacement property, deferring capital gain taxes while allowing full proceeds to be leveraged into new investments, for property investors.
• Trust Services Full-service Trust Department providing asset safekeeping, investment management, tax filing, and bill/insurance payment services. Serves as fiduciary for estates, trusts, powers of attorney, and personal representative duties. Marketed as Johnson County's only local bank with a full-time Trust Department.
• Safe Deposit Boxes Secure storage for important documents and valuables in various sizes, offered at the Franklin Main Office, Franklin Main Street, Trafalgar, and Stones Crossing locations.

Quantifiable outcome

• Record $2.3 million net income in 2021, a 32.17% increase from $1.7 million in 2020
• +1 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature6 records

Partnerships

Two partnerships are on record, tiered minor.

• SmithAdmundsen LLCminorOthersLegal counsel representing Boenning & Scattergood in the subordinated note offering transaction.
• Luse Gorman, PCminorOthersLegal counsel representing Third Century Bancorp in the $10 million subordinated note offering.

Scale indicators7 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Lake City Bank: Indiana-headquartered community bank (Warsaw, IN) with comparable relationship-based commercial and consumer banking model, multiple branches across Indiana, and a similar emphasis on local decision-making and community involvement — directly comparable in operating philosophy and customer mix.
• First Merchants Bank: Muncie, Indiana-based commercial and consumer bank serving individuals, businesses, and municipalities across Indiana and adjacent states. Overlapping personal/business deposit, lending, treasury management, and wealth/trust product set and comparable community-bank DNA make it a natural peer.
• Centier Bank: Indiana's largest private, family-owned community bank (Merrillville, IN) with a full suite of personal/business banking, lending, and wealth services. Comparable community-bank mission, branch-led GTM, and Midwest deposit-gathering footprint.
• Horizon Bank: Michigan City, Indiana-headquartered community bank with comparable commercial, consumer, mortgage, and wealth services across Indiana and Michigan. Similar customer mix (small businesses, individuals, municipalities) and community-focused GTM.
• Salin Bank & Trust Company: Indianapolis-based community bank offering personal, business, mortgage, and trust services across Indiana. Comparable full-service community-bank product breadth and Midwest deposit-gathering profile.
• German American Bank: Jasper, Indiana-based community bank with personal, business, mortgage, and wealth services across southern Indiana. Comparable community-bank operating model, branch-led distribution, and Midwest consumer/SMB target customer base.
• First Bank of Berne: Berne, Indiana-based community bank serving individuals, businesses, and ag customers in eastern Indiana. Similar scale, community-bank DNA, branch-led GTM, and full personal/business banking product set.
• Peoples State Bank (Indiana): Indiana-based community bank with similar product breadth in personal, business, mortgage, and treasury services. Comparable scale, Midwest community-bank customer base, and relationship-driven commercial banking approach.
• Jackson County Bank: Brownstown, Indiana-based community bank of comparable size and rural/small-town Indiana customer base. Similar community-bank model with personal/business deposit and lending services targeting individuals, farmers, and small businesses in southern Indiana.

Broad incumbents

• Old National Bank: Large Indiana-headquartered regional bank (Evansville) operating throughout the Midwest. Overlaps Mutual Savings Bank in personal, business, mortgage, wealth, and treasury services and competes for the same Indiana deposit and SMB lending pools, but at much larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/mutual_savings

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mutual Savings Bank