The Excellence in Business award was created to celebrate member businesses for the outstanding contributions they make to our communities and the local economy through continued growth, innovation, and community support.
The Chamber is pleased to recognize 2022 Excellence in Business recipient Washington Savings Bank.
In 1883, a group of business leaders established The Washington Loan and Building Association, whose primary purpose was to help its members purchase homes. 138 years later, it is known as Washington Savings Bank and is the largest and oldest customer owned bank in its two primary markets, Effingham, and Coles County. Consistent with the mission of its founders, Washington Savings Bank prides itself on serving its customer/owners, supporting home ownership, and providing capital for small business growth. The staff of the bank also prides itself on using its resources to provide financial literacy education to people of all ages and supporting not-for-profit causes with donations of time and money.
For 127 years, Washington Savings Bank had one facility. In 2010 the bank acquired its second facility in Effingham. Today, after completing two more acquisitions, the bank has 5 locations in Effingham, Mattoon, and Lerna. From the beginning of 2010 until today, the bank has grown from approximately $212.0 million in assets to over $580.0 million in assets.
Through all the growth, the bank has stayed loyal to its mission. This is most recently illustrated during the global pandemic, when the bank quickly took action to help the communities it serves by giving to local nursing homes, local teachers, and other local organizations in addition to helping secure PPP loans and continuing financial education during these unprecedented times.
Pandemic or not, Washington Savings Bank is also very committed to financial education. For over 10 years they have visited local schools teaching over 1,000 junior high students about saving and over 300 area high school students about the importance of credit. Washington Savings Bank is kicking off 2022 by partnering with the online Financial Literacy Provider, Banzai. With this partnership, the bank will be able to provide local schools and community programs with access to free online financial literacy programs and written materials that are relevant to all age groups.
Washington Savings Bank has always placed a strong emphasis on helping and supporting their communities and throughout the past two years of the pandemic that has proven true time and time again. For more information, please visit WashingtonSavings.net.