savings and loan association

noun

: 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

Examples of savings and loan association in a Sentence

Recent Examples on the Web In 1982, James McDougal purchased a savings and loan association in Arkansas that later collapsed from bad loans, the Washington Post reported. Sudiksha Kochi, USA TODAY, 21 Apr. 2023 But in the 1980s, hundreds of the small banks known as savings and loan associations failed. Rodney Ramcharan, Fortune, 30 Mar. 2023 The Whitewater controversy stemmed from an ultimately unsuccessful land-development partnership that the Clintons entered into in 1979, while Mr. Clinton was governor of Arkansas, with the owner of a savings and loan association, James B. McDougal, and his wife, Susan McDougal. New York Times, 14 Mar. 2022 Silvergate was founded in 1988 as a savings and loan association but transitioned into serving the digital assets industry as crypto rose in popularity. Byleo Schwartz, Fortune Crypto, 2 Mar. 2023 Flagstar Bank was started in 1987 in Bloomfield Hills by Tom Hammond as a small savings and loan association, or thrift, under the original name First Security Savings Bank. Jc Reindl, Detroit Free Press, 1 Dec. 2022 Deregulation of the savings and loan associations brought widespread failures and bailouts in less than a decade. Ganesh Sitaraman, The New Republic, 23 Dec. 2019 Dorothy was the first woman to be elected to serve as a member of the board of directors of a savings and loan association in Broward County. sun-sentinel.com, 2 Oct. 2019 According to The Washington Post, James McDougal engaged in fraudulent activity with a small savings and loan association, as well as a small business investment firm, which cost taxpayers $73 million. Danielle Corcione, Teen Vogue, 19 Jan. 2018 See More

These examples are programmatically compiled from various online sources to illustrate current usage of the word 'savings and loan association.' Any opinions expressed in the examples do not represent those of Merriam-Webster or its editors. Send us feedback about these examples.

Word History

First Known Use

1887, in the meaning defined above

Time Traveler
The first known use of savings and loan association was in 1887

Dictionary Entries Near savings and loan association

Cite this Entry

“Savings and loan association.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/savings%20and%20loan%20association. Accessed 28 Feb. 2024.

Kids Definition

savings and loan association

noun
: an association organized to hold savings of members and to invest chiefly in mortgage loans

Legal Definition

savings and loan association

noun
sav·​ings 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

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