1,027,926,626 visitors served.
1,027,926,626 visitors served. |
|
 Dictionary/ thesaurus |  Medical dictionary |  Legal dictionary |  Financial dictionary |  Acronyms |  Idioms |  Encyclopedia |  Wikipedia encyclopedia | ? |
Savings and loan association |
Also found in: Legal, Encyclopedia, Wikipedia, Hutchinson | 0.04 sec. |
|
Savings and loan association National- or state-chartered institution that accepts savings deposits and invests the bulk of the funds thus received in mortgages. |
|
? Mentioned in | ? References in periodicals archive | |
|---|---|---|
That was true in the earliest days of community banking, when Savings and Loans and Building and Loan Associations were first formed by the residents of rural areas to provide more financial flexibility to their farming neighbors. By 1890, the nation's estimated $11 trillion in private debt was segmented along social class lines: while the urban working class turned to pawnbrokers, small-loan agencies, and marginal retailers selling furniture or clothing on the installment plan, middleclass clients patronized more respectable building and loan associations for five-year mortgages for the construction of residential homes. Washington Mutual's roots date back to 1889 when the Washington National Building and Loan Investment Association was founded to help people rebuild after the great Seattle fire. |
 |
| Free Tools: |
For surfers:
Browser extension |
Word of the Day |
Help
For webmasters: Free content | Linking | Lookup box | Double-click lookup | Partner with us |
|
|---|
Disclaimer |
Privacy policy |
Feedback | Copyright © 2008 Farlex, Inc.
Printer friendly
Cite / link
Email
Feedback
Add definition
Building and loan
