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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 ?
This is realized by increasing the exposure to money center banks, and increasing the exposure of transactions with foreign banks.
To obtain individual estimates for the share price response per bank to each announcement, the SUR model from Equation 1 is applied to each of the 36 individual banks in the Northeast region (including the New England banks, the New York money center banks, and the other banks in the Northeast), as shown below:
Among money center banks, Citigroup (C) seems to be a favorite.
The data permit a crude attempt to measure lags in monetary policy, at least from the time money center banks actually react to a change in Federal Reserve policy until it shows up on Main Street as changes in the ease of getting, a loan (money center banks may also be responding to changes in economic conditions independent of any change in Federal Reserve policy).
With interest rates plummeting to all-time lows, and checking account operational costs continuing to rise as new features are added, large money center banks are struggling to find acceptable ways to change the monthly fees on consumer checking accounts.
(ADI802) Money Center Banks Hold Strong Balance Sheets & Expect Cyclical Upturn - Richard X.
From the New York Web site: While many of the money center banks are sitting on the sidelines in providing mortgage financing, Chinese, German and European financial institutions and insurance companies are dipping their feet into the water to provide much needed financing for commercial real estate.
With the subprime mortgage crisis, the fall of housing prices and the recession, many large money center banks have suffered a decline in the value of their loan portfolios.
The large money center banks are traditional sources, but they aren't lending much either.
Also at that time was born the informal policy of "too big to fail," under which the Fed and other regulators took extraordinary means to keep several money center banks afloat during the 1989-91 recession.
The 16 banks operating in Osaka include money center banks, such as Sumitomo Mitsui Banking Corp.