The differences result from a combination of history and politics. For example, depending upon the type of "bank" it may be regulated and supervised by different Federal and/or state agencies. While each of the "banks" may seem similar, they enjoy different rights, have different powers and obligations, and may have different tax obligations. For example, "savings and loans" are required to invest more of their assets in mortgages than "banks". Pure "trust companies" manage and administer trust funds of individuals and pension plans, but do not take "deposits". "Credit unions" have some unique tax advantages. Some entities have powers to sell other products, such as insurance; directly or through subsidiaries; some do not. Some have to place significant "reserves" on deposit with the Government; others do not. Some have different deposit insurance arrangements.
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