savings and loann.
/ˌseɪvɪŋz (ə)n(d) ˈləʊn/, U.S. /ˌseɪvɪŋz ən ˈloʊn/ Chiefly U.S.
I. Compounds.
1. attributive. Designating a financial institution, esp. a mutual association, which pays interest on savings deposits and lends money to savers (chiefly for home mortgages), and may also offer other services, such as current accounts.
ΘΚΠ
society > trade and finance > financial dealings > banking > [adjective] > types of financial institution
mutual1784
savings and loan1840
Islamic1950
1840 Observer 10 Feb. 4/6 Sarah Haberback..complained of a society called ‘The East London Savings and Loan Fund Association’.
1851 R. J. Statham Suggestions for Establishm. of Industr. Assoc. 14 The savings and loan club..should be open to the public for deposits of any amount not exceeding £1 monthly.
1857 Daily Evening Bull. (San Francisco) 10 June 2/1 An adjourned meeting will take place on Friday evening next, for the purpose of adopting a Constitution to form a Savings and Loan Society.
1887 Laws of State of N.Y. dlvi. 720 All associations formed under the provisions hereof shall be known as co-operative savings and loan associations.
1921 Proc. 34th Ann. Convention N.Y. State League of Savings & Loan Assoc. 7 They believe in the State organization of savings and loan associations.
1948 Kiplinger Mag. Dec. 34/2 They suggest the question be put to your local bank or a savings and loan institution, which can make government-protected loans on houses.
1975 New Yorker 5 May 98/3 The Gibraltar Savings Association, of Houston, which is a subsidiary of the Imperial Corporation of America, a holding company that owns a number of savings-and-loan companies in four of the Western states.
2000 Econ. Affairs 20 8/2 A private insurance fund that protected the deposits of some state-chartered savings and loans associations in Ohio became insolvent when the largest of its insured institutions failed.
II. Simple uses.
2. A savings and loan institution (see sense 1). Abbreviated S & L.
ΘΚΠ
society > trade and finance > financial dealings > banking > [noun] > savings, building, or friendly societies
box club1728
building-society1848
mutual1869
slate club1888
susu1919
savings and loan1962
thrift1981
thrift institution1982
merry-go-round1989
1962 J. H. Ewalt Business Reborn i. 3 The typical predepression association [was] known more often as a building and loan than as a savings and loan.
1972 Life 25 Feb. 65/2 Every dollar provided by a Savings and Loan creates four dollars of new economic activity.
1992 Mother Jones Sept. 30/1 In 1985 they purchased an office building in a deal partly financed by a savings and loan that later failed.
2005 Chicago Tribune (Midwest ed.) 9 Oct. i. 15/3 She borrowed more than $2,100, about $400 of which came from the local development bank, a sort of savings and loan.
This entry has been updated (OED Third Edition, December 2012; most recently modified version published online March 2022).
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n.1840