BAY CITY, Mich. - Mutual Savings Bank has sold all of its shares in a mutual fund investment to help reduce interest rate risk and increase regulatory capital ratios.

At Dec. 31, Mutual had more than 3.5 million shares in Asset Management Fund Inc.'s Immediate Mortgage Securities Portfolio, with a cost basis of $35.51 million and a fair-market value of $32.66 million. The company's unrealized loss of $2.85 million was included as a reduction of stockholders equity.

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