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The Largest Indian Owned Bank Now in Houston!
Mutual Bank, the largest Indian owned bank based in Illinois, is further extending its network of branches with the opening of a banking center in Houston, Texas on August 7, 2007. In March of this year, Mutual Bank opened banking centers in New York and New Jersey. The new banking centers are a further step in the Bank's progress towards a new era of growth and providing greater convenience and accessibility to its customers.
Mr. Pethinaidu Veluchamy, Chairman, Mutual Bank and Principal shareholder, commented saying, “This year has been yet another successful year for Mutual Bank as we opened two new banking centers in the state of New York and New Jersey. In addition to the Houston banking center, we are also opening a banking center at Aurora, Illinois, this year.” Mutual Bank has witnessed an enormous growth in the past five years. “We have been rated as one of the top 25 Banks in the State of Illinois. We are taking steady steps to retain our leading position and remain as a Bank that builds relationships with our customers to last a lifetime.” Veluchamy said.
“With the launch of its banking centers in New York, New Jersey and Houston, Mutual Bank has taken one step further in serving the community. We enjoy a very unique relationship with the South Asian community in the US market and the opening of these branches is a step further to enhance that relationship. We have now created a platform that gives us the capability to tap the abundant opportunities in the South Asian community located in these areas.” said Mr. James Regas, Vice Chairman, Mutual Bank. He further added, “ Our Bank aims at providing its clients, high quality professional services and innovative products as customer satisfaction is very important to us.”
Mutual Bank is strategizing an aggressive approach to continue its exponential growth rate. With the acquisition of branches in New York and New Jersey and expanding its network to Houston, Texas, Mutual Bank will concentrate on providing financial services to the different communities in these areas. The bank has streamlined its services to the needs of the smaller communities.
Mutual Bank gives its customers the best of both worlds. It offers all the banking and financial services and products provided by major banks at highly competitive rates without losing its focus on smaller communities. Services like Online Cash Management and Remote Capture give small businesses tremendous power and convenience. It is this unique combination that has attracted smaller communities in the past and will continue to give Mutual Bank a competitive advantage over other banks.
Chicago’s leading business newspaper - Crain’s, rated Mutual Bank as one of the top 25 banks in Chicago. This is no surprise as Mutual Bank possesses all modern and state-of-the-art equipment. The wide array of services to individuals and businesses backed by its professionalism makes Mutual Bank a desirable banking option for all. Personal Banking services include special accounts for seniors, online banking, online cash management, online bill payment service, online supply of statements, remote check deposit system, maintenance of customer confidentiality and privacy, easy and quick money transfer to India, letters of credit facility. It also offers checking accounts, savings account, money market accounts, ATM and debit card services and is well know for its highly competitive CD rates.
Mutual Bank works closely with the Small Business Administration to make the purchase of a new business a reality. In the last 3 years, Mutual Bank’s legal lending limit has grown exponentially to $28 million. It has grown to develop a network of 10 financial centers with more than 20,000 account holders and total loans exceeding $950 million. These achievements and a number of other factors have led Mutual Bank to be recognized as the 13th largest SBA lender in Chicago. It provides a wide range of commercial banking services including commercial loans for businesses, working capital and equipment loans, and Letters of Credit. Mutual Bank also offers commercial real estate loans, for the purpose of purchase, construction, and rehabilitation of commercial properties.
Mutual Bank is a very rapid growing Bank which has witnessed an enormous growth in its assets in the past five years. Last year, the bank crossed the landmark of achieving one billion dollars in assets. Mutual Bank is also the largest Indian owned bank in the entire United States.
Amrish Mahajan, President and CEO of Mutual Bank said, “ We are committed to deliver the maximum satisfaction to our customers. Their convenience is important for us and in order to provide that convenience, we have built a strong work environment for our employees and have brought in highly sophisticated software.”
Mutual Bank focuses on increasing customer loyalty, which in turn improves retention and boosts profitability. This effort involves two major steps. First, gaining greater insight into the drivers of consumer behavior: to know not only what satisfies the customers but what brings them on board and drives them away. Second, the bank effectively links its operation strategies to the goal of maximizing customer loyalty and profitability."
I am confident that with continuous innovation in products and services, banking with us would be a more pleasant experience for our customers” said Mahajan.
Mutual Bank Introduces International Banking --- Mutual Bank has recently opened an International Banking division at its Western Avenue location in Chicago. The services being offered in the division include rupee remittance service to India, facilitating customers to open NRI accounts in India and help them obtain payments on maturity. Remittances can be sent from all 8 Mutual Bank banking centers to almost all banks in India. Customers residing in various Midwest regions can take advantage of this opportunity by sending detailed requests through the mail. Apart from wire transfer and direct credit to accounts, Mutual Bank will issue rupee drafts on a number of branches of our correspondent bank in India. On the request of the customers, drafts can also be issued in India and sent via courier to a bank or customer address in India. Wire transfers are offered as a free service for Mutual Bank customers and carry a low flat fee for non-customers registered with Mutual Bank. Non-customers who wish to send money to India are advised to contact the bank for registration details.
“We have a deep commitment to the Indian communities that we serve. The introduction of these international services is one more way we can support and help expand businesses and provide valuable services to individuals with connections to India,” says Amrish K. Mahajan, President and CEO of Mutual Bank.
In addition to the rupee remittance and NRI services, the international division is geared to help the trading community in opening, advising and confirming letters of credit after necessary sanction and approval as per banks laid down policy. Import letters of credit can be opened on behalf of the customers to provide the suppliers with assurance of payment while making sure that they deliver per the agreed upon terms in the contract. Similarly, export letters of credit will give the suppliers the comfort of knowing that they will be paid upon shipment to their overseas buyers. The bank will also handle clean international bills for collection or documentary collection by acting as a collection agent for the customers without ever bothering them about a buyer’s credit line. The charges for the above services are very reasonable and traders are invited to take advantage of this opportunity by banking with Mutual Bank. Utilizing the SWIFT system, Mutual Bank is now ready to offer all the above-mentioned international banking products, operating through a secure and authenticated system.
Mutual Bank, one of the fastest growing community banks in the Chicagoland area, also offers its customers the convenience of full online banking and bill payment services free of charge. The online services include: access to all Mutual Bank customer accounts, the ability to transfer funds from one account to another and the convenience of paying most bills online.
For more information about the international services or any other services offered by Mutual Bank, contact Customer Service at 773-764-2900.
MUTUAL BANK GEARS UP TO HELP TSUNAMI VICTIMS
CHICAGO, IL (December 27, 2004) --- The world is a witness to the havoc caused by one of the most devastating earthquakes in 40 years. More than 120,000 people have lost their lives and millions have been rendered homeless. With the waters polluted, lack of homes and livelihood, help is needed to provide food, water and medical assistance to the survivors of the quake/tidal wave.
Mutual Bank has established a relief fund “Tsunami Relief Fund” to help the victims of this calamity. “Our hearts go out to all of those who are suffering from this tragedy. We will do everything we can to reach out and reduce the anguish of our brothers and sisters by contributing funds for rehabilitation and rebuilding of affected areas, ” said Amrish Mahajan, President and CEO of Mutual Bank.
Mutual Bank is a Chicago based bank that is committed to supporting the communities it serves and is currently soliciting donations through this fund.
Earthquake relief donations may be made to Mutual Bank’s Tsunami Relief Fund, reachable at any of its banking centers.
Or through mail: Tsunami Relief Fund Mutual Bank P.O. Box 607879 Chicago, IL 60660.
Mutual Bank and Security Bank of DuPage - Complete Merger
CHICAGO, IL (February 9, 2004) --- Mutual Bank and Security Bank of DuPage announced that they have officially completed their merger, according to Amrish Mahajan, President and Chief Executive Officer of Mutual Bank.
The merged institution will carry the Mutual Bank name. Following the integration with Security Bank of DuPage, Mutual Bank has eight banking centers servicing the Chicagoland area, and total assets more than $ 400 million.
“With over 40 years of experience, Mutual Bank is committed to remaining community oriented in this time of large, impersonal financial institutions. As a full-service bank, we provide our customers with a one-stop-shopping environment. We offer a wide range of financial products and services that allows our customers to meet all their financial needs in one place”, said Amrish Mahajan. “Continuing to build and maintain our relationships with our commercial and individual customers is our top priority”, he said.
Tom Pacocha, former President of Security Bank and current Executive Vice President and Chief Credit Officer with Mutual Bank, indicated “The merger will bring together two strong institutions which share the same customer service-oriented philosophy. Both Mutual Bank and Security Bank customers will benefit from the expanded banking center network and enhanced product offerings with the same professional staff to which they are accustomed.”
Mutual Bank’s customer base is diverse, serving communities of all ethnic backgrounds. Security Bank of DuPage’s geographic locations, are highly complimentary with Mutual Bank. “This merger is expected to bring synergies in the form of greater efficiencies and additional products and services to help customers handle with ease, the complexities of the financial world.” Mr. Mahajan said.
First Mutual Bancorp of Illinois Inc. is the holding company for Mutual Bank.
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