Another
name for a savings and loan association, which is a depositary institution that
issues mortgages and holds deposits for individuals. See also savings and loan.
See thrift in Wall Street Words
A financial institution that derives its funds primarily from consumer savings accounts. The term originally referred to those institutions offering mainly passbook savings accounts. But the industry evolved through financial deregulation to the point where these accounts often provide only a small source of funds for many thrifts. The term often refers to savings and loan associations, but can also mean credit unions and mutual savings banks.
