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Federal Savings and Loan Association
savings banka 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 banka 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.
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.