Ken Weinstein, president and CEO of Newtown Savings Bank, was recently elected to serve as a vice chairman of America’s Mutual Banks (AMB), a national association of prominent mutual banks dedicated to the preservation and advancement of mutuality for depository institutions.

“Newtown Savings Bank was founded as a mutual savings bank in 1855. We believe that the mutual form of ownership, which is locally focused and woven into the community, continues to differentiate us and benefits our customers and communities” said Weinstein.

According to the release announcing Weinstein’s election, the first mutual savings banks in the US were”founded in the 1800s by local philanthropists for the purpose of teaching the virtues of thrift and self-reliance to the working class by allowing them to securely save their money.

“While these institutions have evolved over the years into full-service financial institutions, they retain the community-minded focus that comes from mutuality.”

For more information and location details visit nsbonline.com or call 800-461-0672.