WebFederal Savings and Loan Association. A federally chartered bank that specializes in taking deposits for checking and savings accounts, as well as making home mortgages. Savings and loan associations tend to be smaller than other banks and are more focused on the local communities in which they operate. It is sometimes (but not always) easier ... WebSavings and Loan Associations (S&Ls) in North Carolina were an outgrowth of the original building and loan associations, which were unregulated financial cooperatives owned by members who generally …
Savings and loan association Definition & Meaning
WebMay 18, 2024 · savings and loan association US financial institution that is organized as a mutual, issuing shares or ownership certificates to its depositors. Savings and loan associations (S&Ls) take deposits, on which the shares are based, and provide mortgage loans, as well as real estate and business loans. Websavings and loan association in American English noun a cooperative savings institution , chartered and regulated by a state or the federal government, that receives deposits in exchange for shares of ownership and invests its funds chiefly in loans secured by first mortgages on homes end of the world movie simon pegg
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WebBritannica Dictionary definition of SAVINGS AND LOAN ASSOCIATION. [count] US. : a business that is like a bank and that holds and invests the money saved by its members and makes loans to home buyers. — called also savings and loan, S&L. A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held (often called mutual savings banks), meaning that the depositors and borrowers ar… dr chin baptist madison ms