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English definition of “savings and loan association”

savings and loan association

noun [C]     (also savings and loan, abbreviation S & L) FINANCE, BANKING
in the US, an organization similar to a bank that provides financial services including savings accounts and mortgages: As a village savings and loan association, the group gathers the savings of members and lends them to the members. → Compare building society
(Definition of savings and loan association noun from the Cambridge Business English Dictionary © Cambridge University Press)
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