For over 140 years, Washington Savings Bank has stood as a pillar of financial strength and community commitment. Our mission remains steadfast: to be a progressive and secure bank, dedicated to providing our customers with the highest quality, innovative financial products and services they need and desire. We deliver these solutions professionally and with a friendly, personal touch, ensuring a safe and sound banking experience for everyone we serve.
A Century and a Half of Community Banking Excellence
Washington Savings Bank’s story began in 1883, born from the vision of local business leaders in Effingham, Illinois. These individuals recognized a vital need within their community – to help residents achieve the dream of homeownership. On August 27, 1883, they convened the first organizational meeting at the German Base Ball Club and Entertaining Society Hall, marking the inception of what would become a cornerstone of the community. Officially chartered by the Illinois Secretary of State on September 4, 1883, the institution was initially named The Washington Loan and Building Association.
Alt: Founding members of Washington Savings Bank, originally named The Washington Loan and Building Association, pictured in historical black and white photo.
Over the decades, Washington Savings Bank has evolved to meet the changing needs of its customers and the financial landscape. In 1956, reflecting its expanded services, the name was updated to Washington Savings and Loan Association. A significant milestone was reached in 1958 when the association became federally insured, providing depositors with added security and confidence. The institution further adapted in 1992, transitioning to a bank charter and officially becoming Washington Savings Bank, as we know it today.
The founding visionaries – 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 – laid a strong foundation for growth and community service. Their initial assets, recorded at $4,703.65 at the close of the first year, have grown exponentially, demonstrating the bank’s sustained success and prudent financial management. As of December 2022, Washington Savings Bank proudly manages assets exceeding $588 million, a testament to our enduring strength and the trust placed in us by our customers.
Throughout its rich history, Washington Savings Bank has benefited from strong leadership. Seven presidents and/or board chairmen have guided the institution, each contributing to its growth and stability: A. Gravenhorst (1883-1913), B. Mussman (1913-1930), H. Eversman (1930-1958), Wm Tolch (1958-1993), James W. Tolch (1980-2005), Claude E. Hudson (2001-2014), and David J. Doedtman (2014-present). This continuity in leadership has fostered a consistent commitment to the bank’s core values and long-term vision.
Alt: Historical image of the original office building of Washington Savings Bank, showcasing its early presence in the community.
Washington Savings Bank’s physical presence in the community has also expanded alongside its growth. Starting from meeting spaces like the German Base Ball Club and the Opera House Block, the bank established its first dedicated office in 1928 at the corner of Jefferson and 5th streets. Continued success led to the construction of the current main office in 1971 at the corner of Fayette Avenue and Banker Street, a location that underwent significant expansion and remodeling in 1999-2000 to better serve customers. Further expanding its reach, Washington Savings Bank acquired the Effingham Keller Branch from Centrue Bank in June 2010 and merged with First Federal Savings and Loan of Mattoon in September 2015, and The First National Bank, Mattoon in August 2021, reinforcing its commitment to serving a wider geographic area.
Our Mission: Your Financial Well-being is Our Priority
At Washington Savings Bank, our mission is more than just words – it’s the guiding principle behind everything we do. We are dedicated to being a financially robust and forward-thinking bank. This strength allows us to consistently invest in innovative products and services, ensuring we meet the evolving financial needs of our valued customers. We strive to deliver professional, high-quality banking solutions with a personalized, friendly approach, building lasting relationships based on trust and mutual respect. Our commitment to operating in a safe and sound manner ensures the security of your assets and the stability of our institution for generations to come.
Meet the People Behind Washington Savings Bank
Our leadership and dedicated staff are the heart of Washington Savings Bank. Their expertise and commitment are crucial to our success and our ability to serve you effectively.
Board of Directors: Guiding Our Vision
The Board of Directors provides strategic direction and oversight, ensuring Washington Savings Bank remains true to its mission and values:
- Paul R. Koerner – Chairman
- David J. Doedtman – President and Chief Executive Officer
- Todd A. Kabbes
- Blake W. Linders
- Paul M. McKillip
- Gary A. Patrem
- Lisa Wortman
- Barbara Love
Our Leadership Team: Experienced Professionals at Your Service
The executive leadership team manages the day-to-day operations and strategic initiatives of Washington Savings Bank:
- David Doedtman – President and Chief Executive Officer
- Dan Capes – Executive Vice President and Chief Lending Officer
- John Sipes – Senior Vice President and Chief Financial Officer
- Elaine Buehnerkemper – Senior Vice President of Customer Service
- Tracy Covington – Senior Vice President of Operations
- Tabitha Day – Vice President and Senior Trust Officer
Your Local Lenders: Personalized Financial Solutions
Our experienced lending team is ready to assist you with your financial needs, offering personalized service and local expertise. You can find our lenders at the following locations:
200 S. Banker Street Effingham:
- Ryan Joseph Fearday – Vice President – NMLS # 585947
- Christopher T. Kabbes – Vice President – NMLS # 402338
1300 N. Keller Dr. Effingham:
- Timothy Joe Hoehn – Assistant Vice President – NMLS # 757274
1117 Broadway Ave. East Mattoon:
- Blake A. Masse – Loan Officer – NMLS # 2240653
1111 Charleston Ave Mattoon:
- Kathi Lynn Bottorff – Vice President – NMLS # 525608
- Gary L. Otto – Vice President – Commercial Lending – NMLS # 412172
- Justin W. Roley – Vice President – Commercial Lending – NMLS # 438746
- Kim Weaver – Vice President – NMLS # 431455
Bank NMLS # 493998
FDIC Insurance: Banking with Confidence and Security
Washington Savings Bank is a proud member of the Federal Deposit Insurance Corporation (FDIC). FDIC membership provides you with the assurance that your deposits are protected up to the limits established by the FDIC.
What Does FDIC Insurance Cover?
FDIC insurance covers a wide range of deposit accounts at Washington Savings Bank, including:
- Checking Accounts
- Savings Accounts
- Money Market Deposit Accounts
- Certificates of Deposit (CDs)
- Deposits held in IRAs
Almost all interest-bearing deposit transaction accounts, as well as deposits in IRAs and certain other retirement accounts at Washington Savings Bank, are insured up to at least $250,000 per depositor, subject to FDIC rules and regulations.
How is the FDIC Funded?
Established in 1933, the FDIC is an independent agency of the U.S. federal government. Its primary mission is to maintain public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions. The FDIC is funded by premiums paid by banks and thrift institutions for deposit insurance coverage and through earnings on investments in U.S. Treasury securities, not by taxpayer dollars.
Ensuring Your Deposits are Within Coverage Limits
To confirm that your deposits are within FDIC insurance limits, you can utilize the FDIC’s Electronic Deposit Insurance Estimator (EDIE) available at www.fdic.gov/deposit/deposits. For further assistance, you can contact the FDIC directly at 1-877-275-3342 or speak with one of our knowledgeable Customer Service Representatives at Washington Savings Bank.
For comprehensive information about FDIC insurance, please visit the official FDIC website: http://www.fdic.gov/deposit/index.html.
Disclosure and Error Resolution: Your Rights and Our Commitment to Accuracy
Washington Savings Bank is committed to transparency and accuracy in all our transactions. We provide clear procedures for addressing errors or questions you may have regarding your electronic transfers or credit line billing.
In Case of Errors or Questions About Your Electronic Transfers
If you believe there is an error on your statement or receipt, or require clarification about an electronic transfer, please contact us promptly:
Washington Savings Bank
200 S. Banker St., P.O. Box 707
Effingham, IL 62401
1-(800)-836-7173 or (217) 347-7173
To ensure timely resolution, please notify us no later than 60 days after we sent the FIRST statement on which the error or issue appeared. When contacting us, please provide the following information:
- Your name and account number.
- A detailed description of the error or the transfer in question, explaining why you believe it is an error or what further information you require.
- The dollar amount of the suspected error.
We are committed to investigating your complaint thoroughly and will correct any errors promptly. If our investigation extends beyond 10 business days, we will provisionally credit your account for the disputed amount, ensuring you have access to the funds while we complete our review.
In Case of Errors or Inquiries About Your Credit Line Bill
For billing errors or inquiries related to your credit line, please write to us at:
Washington Savings Bank
200 S. Banker St., P.O. Box 707
Effingham, IL 62401
We must receive written notification within 60 days of sending the first bill containing the error or problem. While you may contact us by phone, written notification is necessary to fully protect your rights. Please include the following details in your letter:
- Your name and account number.
- The dollar amount of the suspected error.
- A clear description of the error and, if possible, an explanation of why you believe it is incorrect. If you require further information, please specify the item you are unsure about.
While we investigate your inquiry, you are not required to pay the disputed amount. However, you remain obligated to pay the undisputed portions of your bill. During our investigation, we will not report your account as delinquent or take any collection actions on the questioned amount.
Understanding Your Credit Line Finance Charge
FINANCE CHARGE: To calculate your credit line finance charge, we use the “daily balance” method. This involves taking the beginning balance each day, adding any new advances or charges, and subtracting any payments or credits. Interest is calculated on a 365/365 simple interest basis (366 days in a leap year). The daily interest is computed by applying the ratio of the annual interest rate to the number of days in the year, multiplied by the daily balance, and then by the number of days the balance is outstanding. Whenever the daily balance changes, a new calculation is performed, and the sum of these daily finance charges constitutes the total interest due for the billing cycle.
Our Privacy Commitment: Protecting Your Personal Information
At Washington Savings Bank, we understand the importance of protecting your personal information. We are committed to maintaining the privacy and security of your financial data.
Why We Collect and Share Information
Financial companies, like Washington Savings Bank, share customer personal information to effectively manage their everyday business operations. Federal law grants consumers certain rights to limit some, but not all, of this sharing. Furthermore, federal law mandates that we inform you about our practices regarding the collection, sharing, and protection of your personal information. We encourage you to carefully review this notice to understand our policies.
Types of Information We Collect and Share
The types of personal information we collect and share are dependent on the specific products or services you utilize with us. This information may include:
- Social Security number and income details
- Employment information and credit history
- Assets and account balances
Even after you cease to be a customer, Washington Savings Bank continues to protect and share your information as outlined in this privacy notice.
How We Share Your Information
All financial institutions need to share customer personal information to conduct their daily business activities. The table below outlines the reasons for sharing personal information, whether Washington Savings Bank shares for these reasons, and if you can limit such sharing:
| Reasons we can share your personal information | Does Washington Savings Bank share? | Can you limit this sharing? |
|---|---|---|
| For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| For our marketing purposes – to offer our products and services to you | Yes | No |
| For joint marketing with other financial companies | Yes | No |
| For our affiliates’ everyday business purposes – information about your transactions and experiences | No | We don’t share |
| For our affiliates’ everyday business purposes – information about your creditworthiness | No | We don’t share |
| For our affiliates to market to you | No | We don’t share |
| For nonaffiliates to market to you | No | We don’t share |
Questions About Our Privacy Practices?
If you have any questions regarding our privacy practices, please do not hesitate to contact us at 217-347-7173 or visit any of our convenient locations.
Who We Are: Washington Savings Bank
This privacy notice is provided by Washington Savings Bank.
What We Do to Protect Your Information
How does Washington Savings Bank safeguard my personal information?
Washington Savings Bank employs robust security measures, compliant with federal law, to protect your personal information from unauthorized access and use. These safeguards include comprehensive computer security protocols, secured physical files, and secure building infrastructure.
How does Washington Savings Bank collect my personal information?
We collect personal information through various interactions, including when you:
- Apply for a loan or provide income details
- Provide account information or open a new account
- Use your credit or debit card
We may also obtain your personal information from external sources, such as credit bureaus, affiliates (if any in the future), or other reputable companies.
Why can’t I limit all sharing of my information?
Federal law empowers you to limit only specific types of information sharing:
- Sharing with affiliates for their everyday business purposes related to your creditworthiness
- Affiliates using your information for marketing purposes
- Sharing with nonaffiliates for their marketing purposes
Please note that state laws and individual companies may offer you additional rights to limit information sharing beyond those mandated by federal law.
Key Definitions
Affiliates: Companies related through common ownership or control. These can include both financial and non-financial companies. Currently, Washington Savings Bank has no affiliates.
Nonaffiliates: Companies not related by common ownership or control. These can be financial or non-financial entities. Washington Savings Bank does not share information with nonaffiliates for their marketing purposes.
Joint Marketing: A formal agreement between nonaffiliated financial companies to jointly market financial products or services to you. Our joint marketing partners include a credit card company and the company that provides the core data processing system for your bank accounts.
Washington Savings Bank is committed to serving your financial needs with integrity, expertise, and a personal touch. We are proud to be a long-standing community bank, dedicated to your financial well-being and the prosperity of the communities we serve.
