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A financial intermediary that accepts savings deposits and invests these funds in loans primarily for commercial and residential real estate, plus investments in government and high quality corporate bonds and blue chip stock. Savings banks may be state-or federally chartered and insured by the SAIF or the FDIC. In 1982, Congress removed all differences between federally chartered savings banks and federally chartered savings and loan associations as to the kinds of loans and investments they can make.
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