savings and loan associations

Savings and loan associations, also known as S&Ls or thrifts, are financial institutions specializing in accepting savings deposits and providing home mortgage loans. They primarily focus on helping individuals buy homes by offering mortgage services, funded by the savings deposited by members. Unlike larger banks, their main role is supporting local communities and promoting homeownership. They’re regulated for safety and soundness and often have a community-oriented approach, making them an important part of the financial system for residential lending and savings.