Whitman-based Mutual Bank has completed its conversion to a Massachusetts-chartered cooperative bank.

As such, every cent deposited by customers with the bank is insured. Any amount up to $250,000 is insured by FDIC and amounts beyond are covered by the Share Insurance Fund of Massachusetts.

"Thanks are in order to our customers for their support of the conversion to a co-operative bank," Glen White, CEO of Mutual Bank, said in a statement. "In fact, many have already taken good advantage of the increased insurance by transferring deposit balances from other banks into their Mutual Bank accounts.  And we fully anticipate commercial and municipal account growth now that we offer unlimited deposit insurance coverage on all balances."