Home Federal’s CEO asked to join OCC Advisory Committee

Knoxville, Tennessee (March 31, 2021) – OCC Names Home Federal’s Reynolds to Mutual Advisory Committee 

The Office of the Comptroller of the Currency (OCC) appointed five new members to its Mutual Savings Association Advisory Committee (MSAAC), including David Reynolds, President and CEO of Knoxville, TN – based Home Federal Bank of Tennessee. The MSAAC’s role includes assessing the condition of mutual savings associations, considering regulatory changes, and recommending steps the OCC may take to ensure the health and vitality of the mutual savings association industry.

Home Federal Bank is the largest mutually owned community bank in the state of Tennessee. Founded in 1924, with 23 offices in Knox, Anderson, Blount and Sevier counties.

Home Federal Bank provides mortgage and consumer loans, credit and debit card services, online and mobile banking, savings plans, personal and business trust services, commercial banking, and brokerage services through its subsidiary, Home Financial Services Inc. 

What is a Mutually Owned Bank?

Mutual savings banks in the United States date back to 1816. Unlike commercial banks, savings banks have no stockholders; the entirety of profits beyond the upkeep of the bank belongs to the depositors of the mutual savings bank. Mutual savings banks prioritize security, and as a result, have historically been characteristically conservative in their investments. This conservatism is what allowed mutual savings banks to remain stable throughout the turbulent period of the Great Depression, and more recently the Great Recession of 2008, despite the failing of commercial banks.