SIC 6036 Savings Institutions, Not Federally Chartered

Encyclopedia of American Industries | 2005 | Copyright

SIC 6036
SAVINGS INSTITUTIONS, NOT FEDERALLY CHARTERED

This category includes savings and loan associations operating under state charters and savings banks operating under state charters. Both savings and loan associations and savings banks fall under the general term "thrifts." Thrifts are financial institutions that exist primarily to hold retail deposits and make residential mortgage loans. The thrift industry is the second largest type of financial institution, after commercial banks. Thrifts can be either federally chartered and regulated by the Treasury Department's Office of Thrift Supervision or state-chartered and subject to regulation varying by state. This article discusses state-chartered thrifts and is intended as a supplement to SIC 6035: Savings Institutions, Federally Chartered. Much information pertinent to both federally and state chartered institutions is included in that article.

NAICS Code(s)

522120 (Savings Institutions)

Industry Snapshot

As of December 31, 2001, there were approximately 1,500 thrift institutions in the United States, compared to nearly 2,800 in 1990. These thrifts held more than $1.3 trillion in assets compared to about $6.9 trillion held by commercial banks) and operated from some 12,368 branches. In 2001, Of the 1,019 thrifts regulated by the Office of Thrift Supervision, 882 were federally chartered and 137 were state chartered.

The declining number of thrifts reflects regulatory changes that have prompted some thrifts to become commercial banks. This trend is also the result of a wave of mergers and acquisitions in the late 1990s that transformed the nation's entire financial services world. Most U.S. thrifts are insured by the Savings Association Insurance Fund (SAIF); those not insured by the SAIF are insured by the Bank Insurance Fund (BIF).

One to four family mortgages accounted for 46 percent, or $598 billion, of the industry's $1.3 trillion in total assets at the end of 2001. This reflected a marked decrease from the 76 percent these small mortgages accounted for in the early 1990s. The drop was due to the growing diversification of the financial services industry. Securities accounted for some $319 billion in assets; multifamily residential properties, $59 billion; and commercial real estate loans, $38 billion. Despite the waning number of thrift institutions, the industry's level of assets, deposits, and profits exploded in the early 2000s, mainly because falling interest rates sparked record levels of mortgage origination and refinancing loans.

Organization and Structure

Thrifts can be classified in three ways: by type of ownership (stock or mutual), by type of institution (savings and loan...

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