There are also affiliated banks which can be either entirely or partially owned by a holding company. These banks were originated in 1959 as Affiliated Federal Credit Union. “They were chartered to be a financial institution that would benefit the Affiliated Food Stores, their owners, employees and their families, and in 1998, the Credit Union converted to a Federal Savings Bank” (Affiliated Bank, 2014). Affiliated banks are only located in Texas, and they offer mortgage loans, a variety of checking accounts and money market accounts, and interim construction lending and small commercial lending.
