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 ?
Commerce Bank's focus on relationship development and quality customer service will provide a good fit for Boone National Savings and Loan Association.
However, First Federal Savings and Loan Association of Hazard may increase this amount to up to 49% of Kentucky First Federal Bancorp, Inc.
Astoria Financial Corporation is the holding company for Astoria Federal Savings and Loan Association, one of the largest thrifts in the state of New York.
Kemper, CEO, of Downey Savings and Loan Association, 714-509-4402/
Coastal Banc Savings Association is a Texas-chartered, federally insured savings and loan association headquartered in Houston.
Jefferson Bancshares will exchange approximately 1,389,000 shares with minority shareholders of Jefferson Federal Savings and Loan Association, representing an exchange ratio of 4.
and the Bank, commented, "The conversion of our charter to a New York State chartered savings and loan association is consistent with and promotes our community banking focus.
Home Federal Savings and Loan Association operates from its main office and two branch offices in Shreveport, Louisiana.
Mississippi View Holding Company (the "Corporation"), the parent savings and loan holding company of Community Federal Savings and Loan Association of Little Falls (the "Association"), announced that its Annual Meeting of Stockholders was held on January 21, 2004.
The Federal Home Loan Mortgage Corporation is not a bank nor is it a savings and loan association.
June 16 /PRNewswire/ -- Covenant Bank (OTC Bulletin Board: CNSK) announced it has finalized the acquisition of New Jersey Savings and Loan Association.
Jefferson Federal Savings and Loan Association of Morristown is a federally chartered stock savings and loan association headquartered in Morristown, Tennessee.
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