Savings Banking and the Public Interest.

This article focuses on a study commissioned by the Savings Banks Association of New York, which analyzes the needs of mutual savings banks (MSBs) directly. The study focuses on New York, which is reportedly the most important single savings bank state in the United States. It is explained in the article that savings banks in New York held 57 percent of total MSB deposits in 1970. The article reports that this approach is better than using national data because MSBs are found primarily in the New England and Middle Atlantic states and are affected by the environment in these states. The study's conclusion was that MSBs are philanthropic institutions, which help the working poor invest their small incomes.