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savings and loan association (S&L)

savings and loan association (S&L) definition - business

savings and loan association (S&L)

A deposit-gathering financial institution that is primarily engaged in making loans on real estate. Depositors own some S&Ls, while others are organized as profit-making institutions with stock that is publicly traded. Also called federal savings and loan association, mutual association. See also thrift.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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