mutual association.A mutually owned, cooperative savings and loan association, with the deposits being shares of the association. • A mutual association is not allowed to issue stock and is usu. regulated by the Office of Thrift Supervision, an agency of the U.S. Treasury Department. See SAVINGS-AND-LOAN ASSOCIATION . [Cases: Building and Loan Associations 1. C.J.S.

Building and Loan Associations, Savings and Loan Associations, and Credit Unions §§ 2–4.]

[Blacks Law 8th]