Mutual thrift executive William E. Swan has heard all the words used to describe mutuals-"dinosaur," "dying breed."

But at a recent conference in Boston, Mr. Swan, chief executive officer of New York's Lockport Savings Bank, stood before a dozen bank and thrift executives and gave an impassioned defense of "mutuality," calling it among the most "misunderstood and maligned forms of banking" around today.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.