In 2011, the bank reorganized into a mutual organization. In 2014, the bank changed its name to Mechanics Cooperative Bank.
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Demutualization is the process by which a customer-owned mutual organization (mutual) or co-operative changes legal form to a joint stock company. It is sometimes called stocking or privatization. As part of the demutualization process, members of a mutual usually receive a "windfall" payout, in the form of shares in the successor company, a cash payment, or a mixture of both. Mutualization or mutualisation is the opposite process, wherein a shareholder- owned company is converted into a mutual organization, typically through takeover by an existing mutual organization.
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The Boston Mechanics' and Laborers' Mutual Benefit Association was founded in 1845 as a mutual organization styled after the British Rochdale Pioneers.
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Its fields of activity are: health, including mental health and in specific gender-related contexts, food security, microeconomy, mutual organization and international solidarity.
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Mutualization or mutualisation is the process by which a joint stock company changes legal form to a mutual organization or a cooperative, so that the majority of the stock is owned by employees or customers.. Dictionary.com Demutualization or privatization is the reverse process.
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Institution for Savings in Newburyport and Its Vicinity is a bank based in Newburyport, Massachusetts. It has 15 branches, all of which are in Essex County, Massachusetts. It is a mutual organization. As of December 31,2019, it had $3.7 billion in deposits.
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A mutual, mutual organization, or mutual society is an organization (which is often, but not always, a company or business) based on the principle of mutuality and governed by private law. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship. A mutual organization or society is often simply referred to as a mutual. A mutual exists with the purpose of raising funds from its membership or customers (collectively called its members), which can then be used to provide common services to all members of the organization or society.
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Erol Toy (born 1936, in Manisa, Turkey) is a Turkish writer. Graduated from secondary school, Erol Toy started working from his childhood. After working as a baker, banker, creator of the mutual organization of spong fishermen paralysed after decompression problems, he moved to Istanbul. He became a unionist by creating the Bank-İş union.
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A high street building society branch, in Banbury. A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially savings and mortgage lending. Building societies exist in the United Kingdom, Australia and New Zealand, and used to exist in Ireland and several Commonwealth countries.
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The Woolwich Equitable Building Society (later Woolwich Building Society or The Woolwich) was a United Kingdom financial institution owned by its members as a mutual organization. In 1997 it demutualised and became Woolwich PLC. The company was listed on the London Stock Exchange. It was once a constituent of the FTSE 100 Index but was acquired by Barclays in 2000.
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The bank was established in 1871 in Brewster, New York as the Putnam County Savings Bank. In April 2015, the bank acquired CMS Bancorp. In October 2015, the bank changed its name to PCSB Bank. In April 2017, the company converted itself from a mutual organization to a joint-stock company and became a public company via an initial public offering.
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In 1993, Astoria Financial Corporation was created as part of the conversion from a mutual organization to a joint-stock company. In 1995, the bank acquired Fidelity New York Savings Bank for $160 million in cash. In 1997, the bank acquired Greater New York Savings Bank for $293 million in stock and cash. In 1998, the bank acquired Long Island Savings Bank for $1.8 billion.
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The bank acquired Long Island City Savings and Loan Association in 1992. Four years later, Independence Savings Bank acquired Bay Ridge Federal Savings Bank for $144 million in cash. In 1998, the bank converted from a mutual organization to a joint-stock company and became a public company via an initial public offering. The same year, the bank changed its name to Independence Community Bank.
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The earliest mutual organization established in the British North American colonies was created in 1735 in Charleston, South Carolina, but was liquidated following a 1740 fire which gutted much of the city's buildings and had left the company unable to recoup the losses. The Philadelphia Contributionship mutual insurance company, founded by Benjamin Franklin in 1752, is the oldest continuing mutual insurance company in the continental United States.
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Foresters traces its origin to a British Friendly Society, a mutual organization caring for the sick. The original Foresters groups allegedly banded together for mutual aid and protection in 14th-century England, in or near the ancient royal forests which belonged to the monarchy.Fraternally Yours: A History of the Independent Order of Foresters, Warren Potter and Robert Oliver (Queen Anne Press Ltd., London, 1967).
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For Thietart and Koenig one of the challenges of strategic alliances between firms is their management. They highlight patterns of behavior observed in successful alliances and compare them to the patterns of behaviour of alliances facing major management problems. They do so in the context of y co-operation over time between firms in the European aeronautics sector. They find an original form of successful cooperation which they call ‘mutual organization’.
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John Lewis & Partners (formerly John Lewis) is a brand of high-end department stores operating throughout Great Britain. Concessions are also located in the Republic of Ireland and Australia. The brand sells general merchandise as part of the employee-owned mutual organization known as the John Lewis Partnership, the largest co-operative in the United Kingdom. It was created by Spedan Lewis, son of the founder, John Lewis, in 1929.
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A volunteer cooperative is a cooperative that is run by and for a network of volunteers, for the benefit of a defined membership or the general public, to achieve some goal. Depending on the structure, it may be a collective or mutual organization, which is operated according to the principles of cooperative governance. The most basic form of volunteer-run cooperative is a voluntary association. A lodge or social club may be organized on this basis.
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NYSE American, formerly known as the American Stock Exchange (AMEX), and more recently as NYSE MKT, is an American stock exchange situated in New York City. AMEX was previously a mutual organization, owned by its members. Until 1953, it was known as the New York Curb Exchange. NYSE Euronext acquired AMEX on October 1, 2008, with AMEX integrated with the Alternext European small-cap exchange and renamed the NYSE Alternext U.S. In March 2009, NYSE Alternext U.S. was changed to NYSE Amex Equities.
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According to sources, the Court of Voraces would have served as a refuge for canuts workers during their revolts.Catherine Lagrange, "La cour des Voraces conserve son mystère", 18/07, Le Parisien Given the date of construction, they may be fights during the second uprising of Voraces in 1849. But there is another hypothesis: the building would have housed the lodge of a mutual organization of canuts : Le Devoir mutuel. The deformed word Dévoirant, namely Le Devoir mutual members, would eventually have given the word "Voraces".
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A Stock exchange is a corporation or mutual organization which provides facilities for stockbrokers and traders to trade stocks and other securities. It may be a physical trading room where the traders gather, or a formalised communications network. Creation of a stock exchange is a strategy of economic development: it provides a means of raising capital for investment. Stock markets may enhance economic activity through the creation of liquidity: a liquid equity market makes investment more attractive because it allows individuals to acquire equity and when required to sell it quickly and cheaply.
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In a mutual organization, therefore, the legal roles of customer and owner are united in one form ("members"), whereas in the joint stock company the roles are distinct. This allows a broader capital base if the customers cannot or will not provide sufficient financing to the organization. However, a joint stock company must also try to maximize the return for its owners instead of only maximizing the return and customer services to its customers. This can lead to a decline in customer service to the extent that customers', management's and shareholders' interests diverge.
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The distribution of profits by other forms of mutual organization also varies from that of joint-stock companies, though may not take the form of a dividend. In the case of mutual insurance, for example, in the United States, a distribution of profits to holders of participating life policies is called a dividend. These profits are generated by the investment returns of the insurer's general account, in which premiums are invested and from which claims are paid. The participating dividend may be used to decrease premiums, or to increase the cash value of the policy.
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The club secretary calling the roll of the Harting Old Club, one of the oldest friendly societies in England. A friendly society (sometimes called a mutual society, benevolent society, fraternal organization or ROSCA) is a mutual association for the purposes of insurance, pensions, savings or cooperative banking. It is a mutual organization or benefit society composed of a body of people who join together for a common financial or social purpose. Before modern insurance and the welfare state, friendly societies provided financial and social services to individuals, often according to their religious, political, or trade affiliations.
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Northwestern Mutual is an American financial services mutual organization based in Milwaukee. The financial security company provides consultation on wealth and asset income protection, education planning, retirement planning, investment advisory services, financial planning trust and private client services, estate planning and business planning. Its products include life insurance, permanent life insurance, disability income, and long-term care insurance; annuities; investments; and investment advisory products and services. Northwestern Mutual ranked No. 111 in the 2019 Fortune 500 list of the largest United States corporations by total revenue and is currently ranked No. 102 by total revenue and is in the top 50 by assets held.
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A social enterprise is an organization that applies commercial strategies to maximize improvements in financial, social and environmental well-being—this may include maximizing social impact alongside profits for co-owners. Social enterprises can be structured as a for-profit or non-profit, and may take the form (depending on in which country the entity exists and the legal forms available) of a co-operative, mutual organization, a disregarded entity, a social business, a benefit corporation, a community interest company, a company limited by guarantee or a charity organization. They can also take more conventional structures. Social enterprises have both business goals and social goals.
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The first is a buyout, by the majority owner, of all shares of a public corporation or holding company's stock, privatizing a publicly traded stock, and often described as private equity. The second is a demutualization of a mutual organization or cooperative to form a joint stock company. Privatization has also been defined as the sale of public assets to private companies who then provide that service back to the community or municipality at a competitive price. The whole idea behind the privatization issue is that the new provider will be able to provide the same service but at a reduce cost to the public.
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The merger gained PSFS US$2 billion in assets. FDIC also credited PSFS with US$800 million in "supervisory goodwill". The deals also allowed the merged banks to expand into new business ventures. PSFS soon began expanding into new services such as equipment leasing, corporate finance and real estate development. In September 1983 PSFS converted from a mutual organization to a stock organization selling 35 million shares at US$11.25 each. In January 1984 PSFS began expanding into financial service by buying a loan portfolio and mortgage business from General Electric Credit Corp. for US$568 million. In April 1985 the company acquired four savings and loans in Florida and began paying five cents per share quarterly dividend to stockholders.
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Another definition is the purchase of all outstanding shares of a publicly traded company by private investors, or the sale of a state-owned enterprise or municipally owned corporation to private investors. In the case of a for-profit company, the shares are then no longer traded at a stock exchange, as the company became private through private equity; in the case the partial or full sale of a state-owned enterprise or municipally owned corporation to private owners shares may be traded in the public market for the first time, or for the first time since an enterprise's previous nationalization. The second such type of privatization is the demutualization of a mutual organization, cooperative, or public-private partnership in order to form a joint-stock company.
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The term carpetbagger, used exclusively as a pejorative term, originated from the carpet bags (a form of cheap luggage made from carpet fabric) which many of these newcomers carried. The term came to be associated with opportunism and exploitation by outsiders. The term is now used in the United States to refer to a parachute candidate, that is, an outsider who runs for public office in an area without having lived there for more than a short time, or without having other significant community ties. In the United Kingdom at the end of the 20th century, carpetbagger developed another meaning: in British English it refers to people who join a mutual organization, such as a building society, in order to force it to demutualize, that is, to convert into a joint stock company.
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Building societies were established as financial institutions owned by its members as a mutual organization. The origins of the building society as an institution lie in late-18th century Birmingham – a town which was undergoing rapid economic and physical expansion driven by a multiplicity of small metalworking firms, whose many highly skilled and prosperous owners readily invested in property.; Many of the early building societies were based in taverns or coffeehouses, which had become the focus for a network of clubs and societies for co-operation and the exchange of ideas among Birmingham's highly active citizenry as part of the movement known as the Midlands Enlightenment.; The first building society to be established was Ketley's Building Society, founded by Richard Ketley, the landlord of the Golden Cross inn, in 1775.
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World Youth IV Employment Summit From September 24 to 27, 2008 World Youth fourth employment summit was held in Baku Gulustan palace. The goal of the summit was the achievement of more active work in solving youth unemployment and effective employment problems around the world. The summit organized by the attendance of 600 delegates from more than hundred countries through the discussions about the establishment of new working places, adoption and implementation of special state programs in this field, attendance of young leaders in solution of environmental problems and roles in improvement of entrepreneurship. The international conference “Economic Development through Education and Technology” Signing of the cooperation agreement between the Heydar Aliyev foundation and UNESCO in order to contribute to the "Intangible Cultural Heritage of Humanity" Baku hosted international conference held by mutual organization of Intel, Microsoft Corporation, Ministry of Education and UNESCO through the support of foundation on November, 2010.
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