Law Dictionary

savings and loan association

an association of savers and borrowers formally established to accept deposits and make loans, primarily on residential real estate. An association may be organized as a mutual or a stock association. A mutual association is owned by its depositors and, in some cases, its borrowers. A stock association is owned by its shareholders. A savings and loan association may be chartered by a state or receive a federal charter from the Office of Thrift Supervision. Savings and loan associations are also called S&Ls, savings associations, building and loan associations, cooperative banks, or homestead societies.

Source : U.S. Department of the Treasury

Language : English

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