Washington Savings Bank Revenue and Competitors

In 1883, a group of men got together, to establish an organization whose primary purpose was to help its members purchase homes. The first organizational meeting was held on August 27, 1883 in the German Base Ball Club and Entertaining Society Hall in Effingham. The Association charter was issued by the Illinois Secretary of State on September 4, 1883. The original name of the association was The Washington Loan and Building Association. The name was changed in 1956 to Washington Savings and Loan Association, and in 1992 the association changes its charter and became Washington Savings Bank. The association became a federally insured institution in 1958. The associations' assets at the end of its first year of business totaled $4,703.65. As of December 31, 2013 the bank's assets are in excess of $254 million. The association has had 7 presidents. A. Gravenhorst served from 1883-1913, B. Mussman 1913-1930, H. Eversman 1930-1958, Wm Tolch 1958-1980, James W Tolch 1980-2001, Claude E. Hudson 2001-2013, and David J. Doedtman. The association prospered during its early years, and its meeting place was the German Base Ball Club and Entertaining Society Hall located in the Register Building. It later moved to the second floor in the Opera House Block. In December 1928 it purchased land at the northwest corner of Jefferson and 5th streets and built its own office building. Due to its continued prosperity, in 1971 the association built its present office on the northeast corner of Fayette Avenue and Banker Street. In June of 2010, WSB purchased a branch location at 1300 North Keller Drive in Effingham. In 2015, WSB opened a new location in Mattoon, IL. as it continues to grow and serve the surrounding area. Today Washington Savings Bank is the second oldest bank in Effingham County & the largest home mortgage lender. Still true to our original charter, we earn your trust the old-fashioned way, through our personal service backed by financial strength.