SAVINGS AND LOAN ASSOCIATION


Meaning of SAVINGS AND LOAN ASSOCIATION in English

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 building and loan association, cooperative bank; Brit., building society .

Random House Webster's Unabridged English dictionary.      Полный английский словарь Вебстер - Random House .