Besides commercial banks, saving institutions are also one of the depository institutions. It also sometimes called as thrift institutions, where it is a bank that served local community. They take the deposit of local residents and lend the money back in the form of consumer loans, mortgages, and small business loans. Savings institutions include savings and loan association (S&Ls) and savings banks like commercial banks. Most of the saving institution are regulated by Office of Thrift Supervision (OTS), which was created by Financial Institution Reform, Recovery and Enforcement Act of 1989 (FIRREA). The FIRREA empowered the OTS to enact rules and regulations for savings institution, manage the Savings Association Insurance Fund (SAIF), which insures the deposits of saving institutions, and to charter federal savings banks and savings and loans associations (S&Ls) (Spaulding, 2018). S&Ls also offers deposit accounts to surplus units and then channel these deposits to deficit unit likes commercial banks. The difference in the allocations of funds has caused the performance of commercial banks and S&Ls to differ significantly over time. Savings banks are similar to S&Ls except that they have more diversified uses of funds. Like S&Ls, most of the savings banks are mutual (Madura, 2010, 2012).