New Holding Company Formed by Washington Savings Bank

David Doedtman, President and CEO of Washington Savings Bank of Effingham has announced the formation of a new holding company for the customer-owned community bank.

Washington Savings Bank has formed a holding company, Washington Savings, MHC. This new holding company owns 100% of the stock of a subsidiary bank, Washington Savings Bank. The holding company was formed as part of Washington Savings Bank’s pending consolidation with First Federal Savings and Loan Association of Mattoon.

“The customer-owners of our bank recognize the value of the upcoming merger with First Federal, and resoundingly agreed to support the formation of the new holding company,” remarked Doedtman.

Customers of Washington Savings Bank will continue to benefit from the mutual ownership of the institution as members of Washington Savings, MHC.

Washington Savings Bank, the second oldest and largest customer owned financial institution in Effingham County, offers a full line of personal and commercial deposit and loan products. The bank has received a 5-Star rating, the highest possible, from Bauer Financial for 27 consecutive years, which has earned Washington Savings Bank the added title of “Best of Bauer Bank”. Further information about the Company is available at its website at www.washingtonsavings.net.