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savings and loan association |
Also found in: Legal, Encyclopedia, Wikipedia, Hutchinson | 0.02 sec. |
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Savings and loan association National- or state-chartered institution that accepts savings deposits and invests the bulk of the funds thus received in mortgages.
Savings and Loan Association A 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 and loan association A financial institution that specializes in consumer deposits and residential mortgages. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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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. |
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