Meaning of savings and loan association

sav'ings and loan' associa"tion

Pronunciation: [key]
  1. a cooperative savings institution, chartered and regulated by a state or the federal government, that receives deposits in exchange for shares of ownership and invests its funds chiefly in loans secured by first mortgages on homes. Also called
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.
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