In a financial world often dominated by national banks and shareholder-driven corporations, Maspeth Federal Savings stands out, not just as a trusted local bank, but as a mutual savings institution rooted deeply in its community. Founded in 1947, Maspeth Federal has spent more than 75 years helping local families, businesses and neighbors build financial security and prosperity right here in Queens, Long Island and beyond.
What is a Mutual Savings Bank?
Unlike most banks you may think of, which are owned by shareholders and focused primarily on profits and stock performance, a mutual savings bank is owned by its customers. In this model, depositors are more than just account holders — they are members with a stake in how the bank operates.
This difference in ownership structure might seem subtle, but it shapes EVERYTHING about how Maspeth Federal does business, from the products it offers to how it engages with customers, neighbors, and the broader community.
Why This Matters to You — Our Member
1. Your Voice Matters More
As a mutual bank, Maspeth Federal doesn’t answer to distant shareholders seeking quarterly profits — it answers to you. This encourages decisions grounded in long-term financial wellbeing rather than short-term returns.
Whether it’s competitive deposit rates, thoughtful mortgage solutions, or community-focused financial guidance, members benefit from a design that prioritizes service over sales.
2. More Personalized, Local Service
At Maspeth Federal, you’re treated like a neighbor, not just a number. Branch managers and bankers know many members by name and take time to understand personal goals, whether that’s buying a first home, planning for retirement, or financing a small business.
3. Community Investment Is Built In
Mutual banks naturally re-invest in their communities because they are part of the community.
Maspeth Federal regularly supports local schools, nonprofits, small business initiatives, cultural festivals, charity events and neighborhood improvement projects. The bank contributes to various community organizations — from youth sports and education to healthcare and development programs — all because its members’ success and community strength go hand in hand.
Mutuals Matter: Protecting the Mutual Banking Model
Maspeth Federal Savings is dedicated to preserving and strengthening the mutual banking structure. That is why we have partnered with Mutuals Matter, an organization committed to protecting the community-focused, member-owned banking model that sets us apart.
Mutuals Matter represents mutual banks in discussions with regulators and policymakers, working to ensure fair rules that allow community institutions to compete with shareholder-owned banks. This support helps Maspeth stay true to its mission of putting members first—reinvesting earnings into better rates, lower fees, and stronger, more stable services rather than paying outside shareholders. By being part of Mutuals Matter, Maspeth Federal Savings strengthens its independence and long-term stability, which ultimately means greater value and peace of mind for its members.
Check out the Mutuals Matters website to learn more and locate a mutual bank near you.
A Bank That’s Truly Local
In an era of national banks and digital-only challengers, Maspeth Federal stands as a reminder that banking can be personal, community-driven, and built around shared success. With $2.2 billion in assets and a strong capital position, Maspeth Federal Savings delivers the strength, stability, and peace of mind our members can rely on today and in the future.
Here, you’re not just a customer — you’re a member, a neighbor, and a stakeholder building a stronger community. And that’s something worth celebrating.
