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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 ?
However, based on the money center structure, raising the level of internationalization would decrease the severity of contagion because the exposure levels of the money center banks would become more diversified.
The accompanying deposit shifts were caused by money center banks pulling in deposits from smaller banks by offering higher rates of return and/or greater security.
Finally, average bank earnings in some states are dominated by large money center banks with extensive international operations.
The money center banks made billions of dollars of real estate loans--and lost a huge chunk of them.
A headhunter told us of a man who'd been a star at several money center banks. "I told this guy in 1989 that he ought to consider changing industries.
The negative reaction was more pronounced for money center banks, which was attributed to their greater exposure to interest rate risk.
money center banks have reported exceptional profits from their foreign exchange trading activity; presumably their foreign counterparts also have earned large trading profits.) One petroleum company in Japan has incurred foreign exchange losses of more than $1 billion, because it developed a long position in the U.S.
But, if so, why is a range of that magnitude realistic when very few national and large regional money center banks have stockholders' equity of 5 percent of assets and most community banks have stockholders' equity of 7 percent to 10 percent of assets?
The money was placed in large-denomination certificates of deposit in the money center banks, which held the deposits in offshore banking sanctuaries such as the Cayman Islands in order to provide protection for the Opec depositors against seizure, avoid U.S.
Of course, Congress also failed to notice that one of the reasons that the financial institutions were so large was because of a policy decision made during the Carter Administration when the government decided that it would be easier for the regulators to supervise fewer larger banks and then spent the next decade getting money center banks to merge.