2007-11-10 14:09:34 · 2 answers · asked by Thuong Vo 1 in Business & Finance ➔ Credit
they were like a bank but had more risk.
http://www.fdic.gov/bank/historical/s&l/ is a good place to learn more www.fdic.gov over see banks and things like that.
2007-11-10 14:15:40 · answer #1 · answered by CCC 6 · 0⤊ 0⤋
I do not know if there any of these around anymore. A savings and loan association in my state(Wisconsin) is a financial institution where the depositors own the company. They engage in lending money, mostly home mortgages. The original depositors and founders are on the board of directors and often are the officers of the association. Depositors other than the founders are required to sign a proxy statement giving their vote on a permanent basis to the existing members of the board of directors, before they are allowed to open a deposit account.
2007-11-10 14:25:15 · answer #2 · answered by Bibs 7 · 0⤊ 0⤋