Savings and loan banks are also known as savings and loan associates. These are building associations, banks homestead associates, cooperative or partnership of American and other countries financial worlds. Now they are cross between a commercial banking institution and credit union which accept deposits and make loans mainly for real estate or be a mutual association or stock associates.
The original savings and loan bank is set to help persons that could not use more conventional banking resources to obtain purchases such home or a house. The function is to raise funds from depositors to invest in a long term residential mortgages and other types of mortgage investment where in the bank can also fund refinancing, or repair residential units and construction. Savings bank is a type of bank where in it specialized in savings and checking accounts which are made available to the public. It is typically some kind of lend out the deposits in the form of mortgages to its clients.