Dictionary
savings and loan association
noun
: 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
: 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
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First Known Use of SAVINGS AND LOAN ASSOCIATION
1884
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