A financial institution that receives savings accounts and pays interest to depositors.
- In decentralized polities such as nineteenth-century Germany, the political power of farmers and small business led the state to sponsor non-profit financial institutions such as savings banks and cooperative institutions.
- By 1998, the nation's 10,481 commercial banks and 1,687 savings banks held deposits of more that $5 trillion.
- As an industry, commercial and savings banks saw deposits increase about 8% last year.
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