savings and loan association

A financial institution — often organized and chartered like a bank — that primarily makes home-mortgage loans but also usu. maintains checking accounts and provides other banking services. — Often shortened to S & L.

— Also termed loan association; thrift institution; thrift. Cf. BUILDING-AND-LOAN ASSOCIATION. [Cases: Building and Loan Associations 1, 24–40. C.J.S. Building and Loan Associations, Savings and Loan Associations, and Credit Unions §§ 2–4, 11, 18–19, 66–113, 115.]


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