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savings and loan association

noun

Simple Definition of savings and loan association

  • : 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

  1. :  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

1884

First Known Use of savings and loan association

1884


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