Savings Banks

In American law. Institutions for the safe custody and increase of the savings of the industrious poor, and persons of small means. They are banks to receive deposits of money, however small, which is to accumulate at interest, and to be paid out to the depositors as required. Any institution in the nature of a bank formed for the purpose of receiving deposits of money for the benefit of the persons depositing; to accumulate the produce of so much thereof as shall not be required by the depositors, their executors or administrators, at compound interest, and to return the whole, or any part of tives, deducting out of such produce so much as shall be required for the necessary expenses attending the management of such institution, but deriving no power whatsoever from any such deposit or the produce thereof. 2 Bradwell (111.') 274.