savings bank


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Savings bank

An institution that primarily accepts consumer savings deposits and to make home mortgage loans.

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 bank

savings bank

a BANK which offers clients a variety of savings accounts to attract deposits, mainly from the general public, and which specializes in investments in financial securities such as STOCKS and SHARES and government BONDS. In recent times, however, some savings banks, such as the Trustee Savings Bank, have become JOINT-STOCK COMPANIES and operate more like the COMMERCIAL BANKS, offering their clients money transmission services (cheque books and credit cards), bank loans and mortgages, and other financial services.

savings bank

a financial institution that accepts deposits from savers and that specializes in investments in stocks and shares and government securities. Some of the larger savings banks now offer depositors COMMERCIAL BANK facilities (for example, the use of a cheque book). See also FINANCIAL SYSTEM.

savings bank

Originally organized under individual state supervision as a vehicle for cash workers to deposit their earnings. The industry remained small until the mid-1980s, when savings banks became a federally chartered alternative to the savings and loan associations,whose insurance fund was bankrupt.Savings banks could be protected under the Bank Insurance Fund of the FDIC.

References in periodicals archive ?
The space was larger than a contemporary savings bank branch required, Gottlieb said.
Re$ubmitIt helps Sharon Savings Bank increase revenue and offer a valuable benefit to commercial accountholders.
We consider Sharon Savings Bank to be our partner not only in generating additional income, but also in upholding their commitment and high-level service to their customers," Nichols said.
Georgetown Savings Bank cautions that the foregoing list of important factors is not exclusive.
Pursuant to the Agreement, the mutual holding company structure of Westborough MHC will be eliminated and Westborough Bank will ultimately merge with Hudson Savings Bank.
The Board of Directors of the combined bank will be comprised of nine current Westborough Financial directors and fifteen current Hudson Savings Bank directors.
Middlesex Savings Bank is a $3 billion financial institution headquartered in Natick, MA.
Kennebec Savings Bank is a $607 million state-chartered mutual savings bank with a team of 77 employees and branches in Augusta, Waterville, and Winthrop, as well as KSB Anytime, the Savings Bank's new 24-Hour Electronic Banking Center in Manchester, Maine.
BSG Financial, LLC, a provider of profit-enhancing programs and marketing services to the financial industry, announced that Machias, Maine-based Machias Savings Bank has selected its electronic check recovery solution, Re$ubmitIt(R), to increase revenue and meet the needs of its commercial accountholders.
East Boston Savings Bank has always been committed to treating its customers as individuals and remaining dedicated to fostering growth and prosperity in the communities we serve," said Paul Gaulthier, division vice president of Business and Consumer Banking for East Boston Savings Bank.

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