Longman Dictionary of Contemporary English
n. a thrift institution that is required by law to make a certain percentage of its loans as home mortgages [syn: savings and loan]
A savings and loan association (S&L), or thrift institution, is a financial institution that specializes in accepting savings deposits and making mortgage and other loans. The terms "S&L" or "thrift" are mainly used in the United States; similar institutions in the United Kingdom, Ireland and some Commonwealth countries include building societies and trustee savings banks. They are often mutually held (often called mutual savings banks), meaning that the depositors and borrowers are members with voting rights, and have the ability to direct the financial and managerial goals of the organization like the members of a credit union or the policyholders of a mutual insurance company. While it is possible for an S&L to be a joint-stock company, and even publicly traded; in such instances it is no longer truly a mutual association, and depositors and borrowers no longer have membership rights and managerial control. By law, thrifts can have no more than 20 percent of their lending in commercial loans — their focus on mortgage and consumer loans makes them particularly vulnerable to housing downturns such as the deep one the U.S. has experienced since 2007.
Usage examples of "savings and loan association".
Mama had been unable to find an account for Spencer Grant at any bank or savings and loan association.
His savings had been wiped out by the failure of the Luma County Savings and Loan Association, which we and everybody in town had taken to calling El Banco Busto.
The breech-block was like the door on the vault of a savings and loan association in Peru, Indiana, say.