institution

US /ˌɪn.stəˈtuː.ʃən/
UK /ˌɪn.stəˈtuː.ʃən/
"institution" picture
1.

a large and important organization, such as a university, bank, or hospital

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The university is a highly respected institution.
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Financial institutions play a crucial role in the economy.
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organizationestablishmentfoundationacademysociety
2.

an established law, practice, or custom

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Marriage is a long-standing institution in many cultures.
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The legal system is a fundamental institution of society.
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custompracticeconventiontraditionnorm
3.

a person or thing that is very well known and established in a particular place or field

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She's a local institution, everyone knows her.
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That restaurant has been an institution in the city for decades.
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fixturelandmarkiconlegendpillar
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instituteinstitutionalfinancial institutionmicrofinance institution