savings bank

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Related to Savings Banks: Mutual Savings Banks

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 ?
Luke Penny Savings Bank, which was granted by Virginia's newly created Corporation Commission on July 28, 1903.
Luke Penny Savings Bank announced it had passed the half-million mark in resources.
Meeuwsen, President and Chief Executive Officer of First Northern Savings Bank and now President and Chief Operating Officer of Bank Mutual, added, "We at First Northern are delighted to be joining Bank Mutual.
McConnell joined Flushing Savings Bank in 1974 as Vice President and Treasurer.
McConnell to Our Lady of Sorrows Grammar School in care of Flushing Savings Bank.
Each existing shareholder of Liberty Savings Bank will receive an equal number of shares of Liberty Centre Bancorp common stock in exchange for his or her Liberty Savings Bank stock, noted Chief Executive Officer Judith Hoffman.
Medford Savings Bank is a $954 million Massachusetts-chartered savings bank offering a wide variety of services to business and retail customers from 16 banking locations in 8 Middlesex communities.
Medford Savings Bank is a Massachusetts-chartered state savings bank with assets of $915 million.

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