savings and loan association

from The American Heritage® Dictionary of the English Language, 5th Edition.

• noun 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.

from WordNet 3.0 Copyright 2006 by Princeton University. All rights reserved.

• noun a thrift institution that is required by law to make a certain percentage of its loans as home mortgages