A Savings and Loan Association (S&L) is a financial institution that primarily accepts deposits from customers and provides mortgage and other types of loans. They are often focused on residential mortgage lending, although some may offer other types of consumer loans as well. Here's a statement that describes a Savings and Loan Association:
"A Savings and Loan Association is a financial institution that primarily specializes in accepting deposits from customers and providing mortgage loans for residential real estate purchases. They typically offer competitive interest rates on savings accounts and certificates of deposit (CDs) while utilizing the deposited funds to fund mortgage loans for homebuyers."
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