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In 1883, a group of business leaders 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 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.
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