thrift

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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 ?
8bn, and branch locations in 12 Pennsylvania counties, has said that it has been named to the 2014 Bank & Thrift Sm-All Stars list by Sandler O'Neill + Partners.
The OTS Third Quarter 2008 Thrift Industry Report said that thrift institutions set aside $7.
This suggests that the Service is prepared to actively oppose (and probably litigate) taxpayers' attempts to claim deductions relating to branching rights and other intangible assets received in FSLIC-assisted acquisitions of failed and failing thrifts.
D'Amours noted that most banks, thrifts, and credit unions are already using Y2K-ready systems successfully and that operating those systems before January 1 provides evidence of how compliant systems will work after January 1.
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.
This deregulated the nation's thrift industry and threw wide the doors of the S&Ls to anyone with a plausible story, a fistful of cash, and a visible desire to start doing all sorts of wonderful and imaginative things with the taxpayer-insured deposits.
The funds would come from a special, one-time assessment on thrifts, as well as from asking banks to assume responsibility to share the cost of paying the interest on the bonds issued to borrow money to finance the S&L bailout.
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.
The exposure to interest rate risk for thrifts was twofold.
General Accounting Office (GAO) report, unexpected rate increases had inflicted large capital losses on thrifts having positive duration gaps.
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.