thrift

(redirected from Thrifts)
Also found in: Dictionary, Thesaurus, Legal, Encyclopedia, Wikipedia.
Related to Thrifts: Negotiable CD

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.

thrift

A financial institution that derives its funds primarily from consumer savings accounts. The term originally referred to those institutions offering mainly passbook savings accounts. But the industry evolved through financial deregulation to the point where these accounts often provide only a small source of funds for many thrifts. The term often refers to savings and loan associations, but can also mean credit unions and mutual savings banks.
References in periodicals archive ?
thrift industry suffered a $4 billion loss during the third quarter of 2008, according to an Office of Thrift Supervision (OTS) report.
Rather, it merely conditioned the taxpayer's obligations on its receipt of a charter from the FHLBB to operate in the state in which the insolvent thrifts were operating.
The agencies, which collectively regulate all of the nation's banks and thrifts, haven't said when a decision is due, although officials with the FDIC say it could come by the end of the month.
Also, it is important to note that FHLBank advances do not subject borrowing thrifts to the discipline that would be imposed by other creditors and market analysts.
Throughout the seventies, as deposit interest rates rose, the thrifts had been pushing for adjustable rate mortgages, which would allow them to tie home loans to market interest rates.
PARSONS WAS on top of the world when with little bank experience he landed the prime spot as CEO of Dime Savings Bank, a regional New York City thrift institution.
1 billion in March 1991, the taking over of money-losing companies by the government, and a substantial improvement in net interest income as deposit and borrowing costs have declined faster than interest income for many thrifts.
Treasury issues, partly because troubled thrifts sold off many MBSs to pare down their balance sheets.
Hovde established this business and developed it into a top tier investment bank in the bank and thrift industry.
As a result, the Office of Thrift Supervision has imposed certain restrictions on the company that include prior regulatory approval before increasing assets or making management changes.
By carefully planning a transaction before the conversion process begins, converting thrifts can preserve the opportunity to make a return-of-capital distribution if it becomes necessary to do so for capital management purposes.
Buoyed at the chance to grab back market share, portfolio thrift lenders with ARMs tied to the monthly Cost of Funds Index (COFI) for the 11th District are undercutting mortgage rates as much as a full percentage point, according to both mortgage bankers and thrifts.