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

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.