Questions: What are considered the largest and oldest of all financial institutions? Multiple Choice mutual savings banks savings and loan associations (SLs) commercial banks credit unions

What are considered the largest and oldest of all financial institutions? Multiple Choice mutual savings banks savings and loan associations (SLs) commercial banks credit unions
Transcript text: What are considered the largest and oldest of all financial institutions? Multiple Choice mutual savings banks savings and loan associations (S&Ls) commercial banks credit unions
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Solution

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The answer is C: commercial banks.

Explanation for each option:

  • Mutual savings banks: These are financial institutions that are owned by their depositors. They are not as large or as old as commercial banks. They primarily focus on savings accounts and mortgage lending.

  • Savings and loan associations (S&Ls): These institutions specialize in accepting savings deposits and making mortgage loans. While they have been around for a long time, they are not as large or as old as commercial banks.

  • Commercial banks: These are considered the largest and oldest of all financial institutions. They offer a wide range of services, including accepting deposits, providing business loans, and offering investment products. They have a long history, with some of the oldest banks dating back several centuries.

  • Credit unions: These are member-owned financial cooperatives that provide traditional banking services. They are generally smaller than commercial banks and are not as old in terms of historical establishment.

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