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Mutual Organization
A mutual organization, also mutual society or simply mutual, 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 cooperative, members usually do not directly contribute to the capital of the organization, but derive their right to profits and votes through their customer relationship. 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. A mutual is therefore owned by, and run for the benefit of, its members – it has no external shareholders to pay in the form of dividends, and as such does not usually seek to maximize and make large profits or capital gains. Mutuals exist for the members to benefit from the services they provide and often do not pay income tax. Surplus revenue made will usually be re-invested in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Organization
An organization or organisation (English in the Commonwealth of Nations, Commonwealth English; American and British English spelling differences#-ise, -ize (-isation, -ization), see spelling differences) is an legal entity, entity—such as a company, or corporation or an institution (formal organization), or an Voluntary association, association—comprising one or more person, people and having a particular purpose. Organizations may also operate secretly or illegally in the case of secret society , secret societies, criminal organizations, and resistance movements. And in some cases may have obstacles from other organizations (e.g.: Southern Christian Leadership Conference, MLK's organization). What makes an organization recognized by the government is either filling out Incorporation (business), incorporation or recognition in the form of either societal pressure (e.g.: Advocacy group), causing concerns (e.g.: Resistance movement) or being considered the spokesperson o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Savings And Loan Association
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. While the terms "S&L" and "thrift" are mainly used in the United States, similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held (often called mutual savings banks), meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded, in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20percent of their lend ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services
Financial services are service (economics), economic services tied to finance provided by financial institutions. Financial services encompass a broad range of tertiary sector of the economy, service sector activities, especially as concerns financial management and consumer finance. The finance industry in its most common sense concerns commercial banks that provide market liquidity, derivative (finance), risk instruments, and broker, brokerage for large public company, public companies and multinational corporations at a macroeconomics, macroeconomic scale that impacts domestic politics and foreign relations. The extragovernmental power and scale of the finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011. Styles of financial institution include credit union, bank, savings and loan association, trust company, building society, brokerage firm, payment processor, many ty ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cooperatives
A cooperative (also known as co-operative, coöperative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-controlled enterprise". Cooperatives are democratically controlled by their members, with each member having one vote in electing the board of directors. They differ from collectives in that they are generally built from the bottom-up, rather than the top-down. Cooperatives may include: * Worker cooperatives: businesses owned and managed by the people who work there * Consumer cooperatives: businesses owned and managed by the people who consume goods and/or services provided by the cooperative * Producer cooperatives: businesses where producers pool their output for their common benefit ** e.g. Agricultural cooperatives * Purchasing cooperatives where members pool their purchasing power * Multi-stakeholder or hybrid cooperati ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demutualisation
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. Furthermore, re-mutualization depicts the process of aligning or refreshing the interest and objectives of the members of the mutual society. The mutual traditionally raises capital from its customer members in order to provide services to them (for example building societies, where members' savings enable the provision of mortgages to members). It redistributes some profits to its members. By contrast ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Building Society
A building society is a financial institution owned by its members as a mutual organization, which offers banking institution, banking and related financial services, especially savings and mortgage loan, mortgage lending. They exist in the United Kingdom, Australia and New Zealand, and formerly in Ireland and several Commonwealth countries, including South Africa as mutual banks. They are similar to credit unions, but rather than promoting thrift and offering unsecured and business loans, the purpose of a building society is to provide home mortgages to members. Borrowers and depositors are society members, setting policy and appointing directors on a one-member, one-vote basis. Building societies often provide other retail banking services, such as current accounts, credit cards and personal loans. The term "building society" first arose in the 19th century in Kingdom of Great Britain, Great Britain from cooperative banking, cooperative savings groups. In the United Kingdom, bu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Northwestern Europe, off the coast of European mainland, the continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The UK includes the island of Great Britain, the north-eastern part of the island of Ireland, and most of List of islands of the United Kingdom, the smaller islands within the British Isles, covering . Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the UK is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. It maintains sovereignty over the British Overseas Territories, which are located across various oceans and seas globally. The UK had an estimated population of over 68.2 million people in 2023. The capital and largest city of both England and the UK is London. The cities o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Washington Mutual
Washington Mutual, Inc. (often abbreviated to WaMu) was an American Bank holding company, savings bank holding company based in Seattle. It was the parent company of Washington Mutual Bank, which was the largest savings and loan association in the United States until its collapse in 2008. A savings bank holding company is defined in United States Code: Title 12: Banks and Banking; Section 1842: Definitions; Subsection (l): Savings Bank Holding Company See: On September 25, 2008, the United States Office of Thrift Supervision (OTS) seized WaMu's banking operations and placed it into receivership with the Federal Deposit Insurance Corporation (FDIC). The OTS took the action due to the withdrawal of US$16.7billion in deposits during a 9-day bank run (amounting to 9% of the deposits it had held on June 30, 2008). The FDIC sold the banking subsidiaries (minus unsecured debt and equity claims) to JPMorgan Chase for $1.9billion, which had been considering acquiring WaMu as part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mutual Of Omaha
Mutual of Omaha Insurance Company is an American Fortune 500 mutual insurance and financial services company based in Omaha, Nebraska. Founded in 1909 as Mutual Benefit Health & Accident Association, Mutual of Omaha is a financial organization offering a variety of insurance and financial products for individuals, businesses and groups throughout the United States. The company provides a variety of financial services, including Medicare Supplement, life insurance, long-term care coverage and annuities, as well as group coverage including life, disability and 401(k). Subsidiaries Mutual of Omaha has multiple subsidiaries including: United of Omaha Life Insurance Company Founded in 1909, this company provides life insurance, pension and annuity products for groups and individuals. United World Life Insurance Company Through direct marketing and independent agent networks, this company has offered health and accident coverage and specialty life plans since 1983. Mutual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Demutualization
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 gain, "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. Furthermore, re-mutualization depicts the process of aligning or refreshing the interest and objectives of the members of the Mutual organization, mutual society. The mutual traditionally raises Capital (economics), capital from its customer members in order to provide services to them (for example building society, building societies, where members' savings enable the provision of Mortgage loan, m ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Metropolitan Life Insurance Company
MetLife, Inc. is the holding corporation for the Metropolitan Life Insurance Company (MLIC), better known as MetLife, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with around 90 million customers in over 60 countries. The firm was founded on March 24, 1868. MetLife ranked No. 43 in the 2018 Fortune 500 list of the largest United States corporations by total revenue. On January 6, 1915, MetLife completed the mutualization process, changing from a stock life insurance company owned by individuals to a mutual company operating without external shareholders and for the benefit of policyholders. After 85 years as a mutual company, MetLife demutualized into a publicly traded company with an initial public offering in 2000. Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia's Pacific region, Europe, and the Middle East. MetLife s ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prudential Financial, Inc
Prudential may refer to: Companies and associated items * Prudential plc, a British multinational insurance company ** Prudential BSN Takaful, a Malaysian takaful company ** ICICI Prudential Life Insurance, an Indian company * Prudential Financial, an American financial products and services company ** Prudential Securities, former financial services arm of Prudential Financial * Prudential Bank Limited, a private commercial bank in Ghana * Prudential Overall Supply, an American laundry and cleanroom company headquartered in Irvine, California, US * Prudential Steamship Corporation, a defunct American shipping company Award * Prudential Spirit of Community Award, established by one of the above companies Buildings and structures * Prudential (Guaranty) Building, Buffalo, New York, US * Prudential Assurance Building (other), two buildings in England * Prudential Center (other), several structures in the United States * Prudential Headquarters, several build ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
