savings bank

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Savings bank

An institution that primarily accepts consumer savings deposits and to make home mortgage loans.

Federal 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 to obtain a loan from a savings and loan association because it may have better knowledge of the local market. They derive most of their funds from customer savings accounts, but they also generally have easy access to loans from the Federal Home Mortgage Banks. They are also known as thrifts. They are regulated by the Office of Thrift Supervision.

savings bank

savings bank

a BANK which offers clients a variety of savings accounts to attract deposits, mainly from the general public, and which specializes in investments in financial securities such as STOCKS and SHARES and government BONDS. In recent times, however, some savings banks, such as the Trustee Savings Bank, have become JOINT-STOCK COMPANIES and operate more like the COMMERCIAL BANKS, offering their clients money transmission services (cheque books and credit cards), bank loans and mortgages, and other financial services.

savings bank

a financial institution that accepts deposits from savers and that specializes in investments in stocks and shares and government securities. Some of the larger savings banks now offer depositors COMMERCIAL BANK facilities (for example, the use of a cheque book). See also FINANCIAL SYSTEM.

savings bank

Originally organized under individual state supervision as a vehicle for cash workers to deposit their earnings. The industry remained small until the mid-1980s, when savings banks became a federally chartered alternative to the savings and loan associations,whose insurance fund was bankrupt.Savings banks could be protected under the Bank Insurance Fund of the FDIC.

References in periodicals archive ?
1]: There is a statistically significant relationship between the monetary policy actions and the stock returns of savings institutions.
Revised regulations, adopted in April 1995, require independent banks and savings institutions to report the number and dollar amount of their small business loans by census tract if the institutions have more than $250 million in assets or are affiliated with holding companies with more than $1 billion in assets.
About two-fifths of households use savings institutions, and about one-fourth use credit unions.
Commercial banks (since December 1987) and FSLIC-insured savings institutions (since June 1988) have been itemizing their receivables under credit lines on the Reports of Condition that they file quarterly with their respective supervisory agencies.
Reflecting the regulatory environment of banks and savings institutions, 80% of the chairpersons reported their audit committees also were responsible for assessing compliance with banking laws and regulations.
Exhibit 1, below, illustrates this for EJM Savings institution.
The books takes a look at the unique mutual holding company structure and includes a chapter on electronic operations of savings institutions.
Along with its deposit insurance reforms and new requirements for banks and savings institutions, the new law expands the role of independent accountants, not only requiring them to audit financial statements of certain federally insured depository institutions but also calling for management and public accountants to report on internal controls over financial reporting and compliance with specified laws and regulations.
The company serves more than 16,000 clients worldwide, including banks, credit unions, financial planners/investment advisers, insurance companies and agents, self-insured employers, lenders and savings institutions.
Audits of Savings Institutions, an updated audit and accounting guide for the thrift industry issued by the American Institute of CPAs, is intended to help accountants and auditors cope with the rapidly changing environment in which the nation's savings and loan associations currently operate.
The new statement permits banks, savings institutions and credit unions to report, in a statement of cash flows, net cash receipts and payments for deposits placed and withdrawn, time deposits accepted and repaid and loans made and collected.

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