Federal Savings and Loan Association

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Federal Savings and Loan Association

An institution chartered by the federal government whose primary function is to regulate institutions that collect savings deposits and provide 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.
References in periodicals archive ?
Philippine National Bank has approved the equity infusion of PHP10bn into thrift bank, Allied Savings Bank.
The completion of the merger process of China Savings Bank with rural lender, Unity Bank, and Planters Development Bank (Plantersbank), will result in the creation of Philippines' third largest thrift bank.
Universal, commercial (U/KBs) and thrift banks (TBs) must meet a Capital Adequacy Ratio of 10 percent of qualifying capital (QC) after adjusting for the stress test results.
Knight said the newly formed thrift bank may offer such services as business credit card accounts, home equity lines of credit, and money market checking.
His years of business experience as a chief financial officer, thrift bank executive and corporate banker give him a unique perspective on the opportunities that lie ahead.
The thrift bank said that total assets increased by seven percent on year to PHP89.
The central bank of the Philippines has granted incentives to thrift bank investors.
The portfolio of products is being extended by the Philippine Savings Bank (PSBank), which is the Metrobank Group's thrift bank via rolling out Money Market Fund.
wants to support the agribusiness lending of Rizal Microbank, a thrift bank under the ownership of Rizal Commercial Banking Corp.
Alliance affiliates include: First Alliance Bank, a federal thrift bank, Pricelinemortgage, a joint venture with Priceline.
It has allowed the Sy-led thrift bank to build its presence in the countryside.