Dictionary

savings and loan association

noun

: a business that is like a bank and that holds and invests the money saved by its members and makes loans to home buyers

Full Definition of SAVINGS AND LOAN ASSOCIATION

:  a cooperative association organized to hold savings of members in the form of dividend-bearing shares and to invest chiefly in home mortgage loans —called also savings and loan
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First Known Use of SAVINGS AND LOAN ASSOCIATION

1884

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