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 Loans Association, and in 1992 the association changed its charter and became Washington Savings Bank. The association became a federally insured institution in 1958.
The founding members of the association were A.J. Worman, John George Keyneman, F.H. Evers, Joe Merz, A. Gravenhorst, B.R. Walters, Jacob Schmitt, Henry Alt, John J. Schneider, Barney Overbeck, and J.A. Schellembach.
The associations’ assets at the end of its first year of business totaled $4, 703.65. As of September 2020 the bank’s assets are in excess of $420 million.
The association has had seven presidents and/or board chairman. A. Gravenhorst served from 1883-1913, B. Mussman 1913-1930, H. Eversman 1930-1958, Wm Tolch 1958-1993, James W. Tolch 1980-2005, and Claude E. Hudson 2001-2014, and David J. Doedtman 2014-present.
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. The present location underwent an expansion and complete remodeling in 1999-2000. The Effingham Keller Branch was acquired from Centrue Bank was acquired in June, 2010. On September 30, 2015, First Federal Savings and Loan of Mattoon was merged into Washington Savings Bank. The First National Bank, Mattoon was merged into Washington Savings Bank on August 20, 2021.
Changes to the Property Value could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
You can change the property value by moving the Property Value slider up or down or by entering a new Property Value manually in the Property Value box.
When you change the Property Value, only the LTV will change, and the Loan Amount will remain the same Loan Amount.
Other advanced sliders’ options are available with Lendersa® Advanced Calculator
CloseChanges to the loan amount, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
CloseLTV is the abbreviation of Loan To Value, and it is the ratio between the Loan Amount and the Property Value. The formula to calculate LTV is Loan Amount divided by the property value. 
Example: Loan Amount $300,000, Property value $400,000 
Changes to the LTV, even so slightly, could change the results in a significant way. Lendersa® sliders allow you to make fast changes to explore your financing options.
The Loan Amount Slider
Change the Loan Amount by moving the Loan Amount slider. (The LTV will change, and the Property Value will remain unchanged).
The LTV Slider
Change the Loan Amount by moving the LTV slider. (The Property Value will remain unchanged).
Other advanced options are available with Lendersa® Advanced Calculator
Close
The drum of the realization of the promise is beating, we are sweeping the road to the sky. Your joy is here today, what remains for tomorrow? The armies of the day have chased the army of the night...
NMLS 1795154