savings and loan association

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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.

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.

savings and loan association (S&L)

A deposit-gathering financial institution that is primarily engaged in making loans on real estate. Although many S&Ls are owned by their depositors, some are organized as profit-making institutions with stock that is publicly traded. See also thrift.

savings and loan association

A financial institution that specializes in consumer deposits and residential mortgages.

References in periodicals archive ?
The savings and loan name may change - indeed, many savings and loans already have renamed themselves banks - but they will continue to fulfill an important function in the housing market as originators of home loans.
In addition to the 322 savings and loans that have failed or floundered since 1983 because of faulty appraisals, federal regulators are discovering that many ostensibly healthy lending institutions hold loans based on bloated property values.
Indeed, it will finally add the word ``bank'' to its name - probably becoming Home Savings Bank of America - a decade after similar rechristenings at most other savings and loans.
The conversions and acquisitions will not affect the terms and balances of accounts in Carolina Savings Bank and Edenton Savings and Loan or the FDIC insurance coverage of such accounts.
board of directors will include four of the current members of First Federal Savings and Loan Association of Hazard's board of directors, two current members of Frankfort First Bancorp's board of directors and Frankfort First Bancorp's current President.
1 million, an inability to meet capital requirements, and a continuing erosion of its capital base, Polifly Savings and Loan was in an unsafe and unsound condition and could not operate without the benefit of the federal resolution process.
Terms of the agreement and related Plan of Conversion provide for the conversion of Edenton Savings and Loan from a mutual to capital stock savings and loan association and for the simultaneous acquisition of Edenton Savings and Loan by BB&T.
We welcome our new shareholders and look forward to serving the new customers coming to us from the four mutual savings and loans.
The Home Savings and Loan Company, a subsidiary of United Community Financial Corp.
Irvington's ability to absorb losses was adversely affected by its December 1985 merger with insolvent Germania Federal Savings and Loan Association, Baltimore.
the "Company") (Nasdaq:WFSL) and United Savings and Loan Bank ("United Savings") announced today the signing of a definitive merger agreement.
That is certainly the case with single- branch Pioneer Savings and Loan Association, California's smallest savings and loan (third quarter, 1991), which has reported a 184 percent increase in net income from 1990 to 1991, fiscal year ending Oct.
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