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n. 1) an officially chartered institution empowered to receive deposits, make loans, and provide checking and savings account services, all at a profit. In the United States banks must be organized under strict requirements by either the Federal or a state government. Banks receive funds for loans from the Federal Reserve System provided they meet safe standards of operation and have sufficient financial reserves. Bank accounts are insured up to $100,000 per account by the Federal Deposit Insurance Corporation. Most banks are so-called "commercial" banks with broad powers. In the east and midwest there are some "savings" banks which are basically mutual banks owned by the depositors, concentrate on savings accounts, and place their funds in such safe investments as government bonds. Savings and Loan Associations have been allowed to perform some banking services under so-called deregulation in 1981, but are not full-service commercial banks and lack strict regulation. Mortgage loan brokers, and thrift institutions (often industrial loan companies) are not banks and do not have insurance and governmental control. Severe losses to customers of these institutions have occurred in times of economic contraction or due to insider profiteering or outright fraud. Credit Unions are not banks, but are fairly safe since they are operated by the members of the industry, union or profession of the depositors and borrowers. 2) a group of judges sitting together as an appeals court, referred to as "in bank" or "en banc."

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

BANK, com. law. 1. A place for the deposit of money. 2. An institution, generally incorporated, authorized to receive deposits of money, to lend money, and to issue promissory notes, usually known by the name of bank notes. 3. Banks are said to be of three kinds, viz : of deposit, of discount, and of circulation; they generally perform all these operations. Vide Metc. & Perk. Dig. Banks and Banking.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
As for SBV's branches in the cities and provinces, the central bank required the branches to closely follow the fever's development in their localities so as to direct credit institutions to promptly report outstanding loans due to the fever and actively solve difficulties for pig farmers.
The Bank of Russia will carry out an evaluation of the ICAAP and capital adequacy assessments for credit institutions and banking groups of which the parent credit institutions' assets total at least 500 billion rubles within 2018 Q4.
Vejonis said that the amendments considerably narrow the range of possible candidates for the liquidators and insolvency administrators for credit institutions, and restricts the opportunity to find the best candidate for the liquidation or insolvency process.
At the same time it seems to be contrary to the principle of equal treatment of other EU credit institutions and those of the Republic of Cyprus.
The activities of credit institutions, Romanian legal persons, which must be authorized under the conditions mentioned above are specified by the provisions of G.E.O.
Data reported by the domestic credit institutions were interpreted with caution because the Capital Requirements Directive IV standards are being implemented in Romania.
It also stresses that all credit institutions should communicate in time with borrowers who are experiencing financial difficulties and consult in a positive spirit and a constructive way and to make continuous dialogue with borrowers in order to reach a mutually acceptable restructuring solution.
The number of Russian credit entities with foreign capital slid to 225 as at 1 November from 226 in January, while credit institutions fully-owned by foreign entities totalled 80 versus 82 at end-2009
The Bank of Greece also has promulgated regulations for credit institutions on loans to one borrower, a limit on aggregate "large exposures" (amounts equal to 10 percent of regulatory capital), and reserves.
Moscow: The Credit Institutions section publishes information on operating credit institutions with the participation of non-residents, as of 1 January 2018.
According to the Bank of Estonia, the 14 per cent advance income tax on dividends for credit institutions planned by the government could result in the weakening of the financial system, cause unwanted consequences, and go against the rules of the European Union.