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 ?
We began this article by noting that savings and loans were in the black in March 1991 for the first time in four years.
We believe that the private sector of the savings and loan industry will continue to show a profit in future quarters and that such profit will grow, assuming that the Resolution Trust Corporation continues to bury the dead (some say "shoot the wounded"), that interest rates behave, and that the economy does not slide back into recession.
Federal banking examiners found 411 instances of faulty or fraudulent property appraisals when they examined the records of the failed Empire Savings and Loan in Mesquite, Texas.
Just last year the Federal Home Loan Bank Board, which runs the Federal Savings and Loan Insurance Corporation, closed ten S&Ls, seized another 25 S&Ls to install new boards of directors and managers, and assisted 22 others in merging with healthier institutions.
Home Savings, in short, has finally discovered that the savings and loan business is fundamentally an anachronism.
What is more, savings and loan clients are literally dying off: 45 percent of Home's deposits are in the hands of people over 65; their children send their savings to mutual funds.
Polifly Savings and Loan Association is a stock savings association that is wholly owned by Polifly Financial Corporation.
CO: New Jersey Department of Banking; Polifly Savings and Loan
Depositors of the old institution will become depositors of the new RTC institution and will experience no change in service as the RTC attempts to resolve the savings and loan.
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