Dictionary of Banking Terms: unitary thrift
unitary thrift
company that controls a single savings and loan association. Unitary thrifts are similar to bank holding companies, but have broader financial powers. A unitary thrift holding company can engage in any business, including commercial or industrial activities; open branch offices anywhere in the United States; and put up to 20% of assets in commercial loans. As thrift institutions, unitary savings and loan companies must hold at least 65% of assets in residential mortgages or mortgage securities. The gramm-leach-bliley act of 1999 grandfathered existing unitary thrifts, but barred new charters after May 4, 1999.
