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S&L

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S&L
Savings and Loan.
    
A federally or state chartered financial Institution that takes deposits from individuals, funds mortgages, and pays dividends. S&L is  a  state or federally-chartered depository financial Institution that was primarily a provider of home mortgages but since deregulation in the 1980's to Offer services similar to a Commercial bank.
    
The term is mainly used in the United States; similar institutions in the United Kingdom and some Commonwealth countries are called building societies. They are often mutually held (often called mutual savings banks), meaning that the depositors and borrowers are members with voting rights and have the ability to direct the financial and managerial goals of the organization. It is possible for a savings and loan to be stock-based and even publicly traded. This means, however, that it truly no longer is an association and depositors and borrowers no longer have any managerial control.
Posted by  Privatebanking.com
 
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