Which of the following statements would be TRUE?

I. Mutual savings banks are similar to S&Ls, but are jointly owned by the depositors.

II. Unlike commercial banks, S&Ls can only be chartered by the federal government.

III. The future structure of the U.S. banking industry is likely to be characterized by many more smaller banks, as customers demand neighborhood banks operated by people they know personally.

a. II

b. I

c. I and II

d. III