Merriam-Webster Collegiate Dictionary - savings and loan
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Savings and loan
savings and loan
noun see ~ association SAVINGS BANK noun Date: 1817 a bank organized to hold funds of individual depositors in interest-bearing accounts and to make long-term investments (as in home mortgage loans)
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2.
also savings and loans A savings and loan association is a business where people save money to earn interest, and which lends money to savers to buy houses. Compare building society. (mainly AM BUSINESS) N-SING: usu N n ...Collins COBUILD Advanced Learner's English Dictionary
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