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 ?
And the reserves are likely to grow only slowly over time because of large expenses Congress imposed on SAIF from closing the failed savings institutions.
The Western League of Savings Institutions is the trade association for California, Arizona and Nevada savings institutions.
During the 1980s, legislation allowed savings institutions to enter the consumer credit market and allowed depository institutions to compete with money market mutual funds by offering money market deposit accounts.
As a legislative response to concerns about audit committee expertise, FDICIA requires the audit committees of very large banks and savings institutions to include at least two members with banking or financial management expertise.
Among the nation's savings institutions, Fortune magazine also listed Charter One as:
The Michigan Bankers Association and the Michigan League of Savings Institutions have agreed to assist the four banks with the cost of the appeal.
Mike Nicastro, Open Solutions' Senior Vice President of Marketing and Product Management, said, "Commercial Capital Bank's position as one of the fastest growing savings institutions in California makes CCB an impressive addition to our growing number of West Coast-based Internet banking and cash management clients.
Home Savings of America, with assets of $50 billion and deposits of over $38 billion, is the nation's largest savings institution.
31, 1989, Metropolitan was the 47th largest savings institution that year.
At December 31, 2003, the Company was the 3rd largest multi-family lender in California during the 12 months ended December 31, 2003 (source: Dataquick Information Systems) and Commercial Capital Bank, the Company's bank subsidiary, was the fastest growing savings institution in California, based on percentage growth in total assets over the 36 months ended December 31, 2003 (source: www.
AICPA Audit and Accounting Guide: Depository and Lending Institutions: Banks and Savings Institutions, Credit Unions, Finance Companies, and Mortgage Companies
We are very disappointed that Freddie Mac has not followed the lead of Fannie Mae in maintaining the ceiling at its current level," said Lou Nevins, president of the Western League of Savings Institutions.