Savings Bank Defined

The term "savings bank" means a bank organized only for the purpose of accumulating and loaning the funds of its members, stockholders, and depositors and which may: (1) loan and invest the funds thereof; (2) receive deposits of money; loan, invest, and collect the same with interest; and repay depositors with or without interest; (3) sell credit life and disability insurance on loans to its borrowers; (4) invest said funds and moneys in such property, securities, and obligations as may be prescribed by this chapter; and (5) declare and pay: (a) dividends on its general deposits; and (b) a stipulated rate of interest on deposits made for a stated period or upon special terms.