Savings institutions originated as

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Building and loan societies, also known as thrift institutions or savings and loan associations, were the first savings institutions. They originated in the mid-19th century as a way for working-class individuals to pool their money and provide each other with affordable credit for buying homes, building businesses, and other investments. Commercial banks, farm cooperatives, and consumer cooperatives are different types of financial institutions with distinct histories and purposes.

Savings Institutions Originated as