What is another word for thrift institution?
Pronunciation: [θɹˈɪft ˌɪnstɪtjˈuːʃən] (IPA) 
A thrift institution is a financial organization that specializes in taking deposits and providing mortgages and other loans, especially for the purpose of promoting homeownership. There are several synonyms for this term, including savings and loan association, building society, thrift bank, cooperative bank, and credit union. These institutions are typically smaller in size and scope than traditional commercial banks, and may have a more community-based focus. Whatever term is used to describe them, these institutions serve an important role in enabling people to save and invest, as well as facilitating access to credit for those looking to buy a home or start a small business.
