Mutual Savings Bank reports income gain

A Franklin-based bank had a higher income last quarter compared to the same time last year, mostly due to more loans being taken out.

Third Century Bancorp, the holding company of Mutual Savings Bank, had a net income of $132,000 for the second quarter this year. That income was higher than the same time last year, president Bob Heuchan said.

The main source of that increase in income came from interest earnings of about $83,000, which was mainly from more loans, Heuchan said.

Mutual Savings has had increases in all types of loans, including mortgages, commercial lending and consumer loans, during the first half of the year, Heuchan said.

The reasons: a solid economy with a resurgence of the housing market, and a staff that is seeking customers, he said.

The bank also had a $5.2 million increase in assets, mainly due to a $5.6 million increase in loans, Heuchan said.

Mutual Savings Bank is based in Franklin with five branches in Franklin, Nineveh and Trafalgar.

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Annie Goeller is managing editor of the Daily Journal. She can be reached at or 317-736-2718.