Complex sentence: SNL Financial was originally founded as "S&L Securities" in New Jersey in 1987 with an initial focus on the savings and loan industry.New Jersey statues did not permit the incorporation of a non-bank with "S&L" in the official company name.
Split into simpler sentences: SNL Financial was originally founded as "S&L Securities" in New Jersey in 1987 with an initial focus on the savings and loan industry. But state law would not permit the incorporation of a non-bank with "S&L" in the official company name.