What is a federal savings bank?

Federal savings associations (also called “federal thrifts” or “federal Savings Banks”), in the United States, are institutions chartered by the Office of Thrift Supervision which is now administered by Office of the Comptroller of the Currency after the agencies merged. They are not savings and loan associations.

Who owns the Federal Savings Bank?

We are a privately held veteran-owned, federally chartered bank primarily focused on educating our customers and expanding home ownership in America.

What is a Federal Savings and Loan?

The term federal savings and loan (S&L) refers to a financial institution that focuses on providing checking and savings accounts, loans, and residential mortgages to consumers. These institutions are also referred to as thrifts—credit unions and savings banks that are mutually owned by their customers.

What are the 2 meanings of bank?

1 : a business where people deposit and withdraw their money and borrow money. 2 : a small closed container in which money may be saved. 3 : a storage place for a reserve supply a blood bank.

What do you mean by Federal Savings and loan?

What Is a Federal Savings and Loan (S&L)? The term federal savings and loan (S&L) refers to a financial institution that focuses on providing checking and savings accounts, loans, and residential mortgages to consumers. These institutions are also referred to as thrifts — credit unions and savings banks that are mutually owned by their customers.

What is the definition of a savings bank?

Definition of savings bank. : a bank organized to hold funds of individual depositors in interest-bearing accounts and to make long-term investments (as in home mortgage loans)

Who is the insurance company for Federal Savings Banks?

The Federal Deposit Insurance Corporation (FDIC) insures deposit accounts in federal savings banks up to prescribed limits. National bank: United States – National banks, National Association (N.A.) This bank and insurance -related article is a stub. You can help Wikipedia by expanding it.

Is the Federal Savings Association a National Bank?

Federal thrifts should not be confused with national banks which are banks chartered under federal law by the Office of the Comptroller of the Currency.