a depositor-owned organization that solicits savings to be placed in saving accounts or in share accounts, on which interest or dividends are paid, and from which mortgage loans on homes or real estate are made
See savings and loan association in American Heritage Dictionary 4
noun Abbr. S & L
A financial institution, organized cooperatively or corporately, that holds the funds of its members or clients in interest-bearing accounts and certificates of deposit, invests these funds chiefly in home mortgage loans and may also offer checking accounts and other banking services.