Thrift Bank

Thrift Bank

A bank that specializes in taking deposits for checking and savings accounts, as well as making home mortgages. Thrifts 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 thrift 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 savings & loan associations. They are regulated by the Office of Thrift Supervision.