thrift

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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.

thrift

A financial institution that derives its funds primarily from consumer savings accounts. The term originally referred to those institutions offering mainly passbook savings accounts. But the industry evolved through financial deregulation to the point where these accounts often provide only a small source of funds for many thrifts. The term often refers to savings and loan associations, but can also mean credit unions and mutual savings banks.
References in periodicals archive ?
To get a better sense of whether troubled thrifts relied more heavily on FHLBank advances than their financially stronger counterparts, we use annual data for all FSLIC-insured thrifts from 1985 to 1991 to examine the relationship between FHLBank advances and several measures of thrifts' financial condition.
With this approach, applied to banking by Ferrier and Lovell (1990) and to thrifts by Mester (1993), a translog cost function is estimated and assumed to represent the frontier.
AIG first disclosed last October that it was planning to divest the thrift, which is based in Wilton, Conn.
Edwards had come from Superior Federal Bank, also a thrift, and was comfortable with the OTS when Benefit was chartered.
Although the average size of these early African American thrifts was just a tenth of that in the industry as a whole, their success attracted the attention of many black leaders.
Also in November 2008, Lincoln announced that it applied with the Office of Thrift Supervision to become a savings and loan holding company concurrent with reaching an agreement to acquire Newton County Loan & Savings FSB, a federally regulated savings bank.
thrift industry suffered a $4 billion loss during the third quarter of 2008, according to an Office of Thrift Supervision (OTS) report.
The process of closing or resolving individual thrifts involved one of three alternatives: (1) some thrifts were sold to a healthy acquirer, which involved the RTC paying another institution to buy the insolvent thrift, with most of its assets intact; (2) some thrifts were to be shut down with their depositors being paid off and with the RTC retaining all of its assets for later sale; and (3) some thrifts were shut down with their deposits being transferred to another institution.
In an attempt to capture the effects of regime changes on depository institutions behavior, we examine 582 non-regulatory assisted thrift acquisitions by banks and thrifts occurring during 1991 to 2001 (FDIC website, www2.fdic.gov/hsob).
With respect to income recognition and loss allowance practices for credit card lending, the guidance reflects generally accepted accounting principles (GAAP), existing interagency policies on loss allowances, and current Call Report and Thrift Financial Report instructions.
To preserve minority ownership of the thrift institution, Congresswoman Maxine Waters (D-CA) and the community's other political, religious, and business leaders "encouraged BBoC to participate in a process that ultimately concluded in the merging with Family," says Cohee.