Washington Savings Bank Acquires The First National Bank
Release – August 20, 2021
EFFINGHAM, IL – Washington Savings MHC (“Washington Savings”) and Washington Savings Bank (“Washington Savings Bank”) announced today that the previously announced merger of The First National Bank, Mattoon, Illinois (“First National Bank”) with and into Washington Savings Bank has closed.
Washington Savings Bank’s new Mattoon branch on Broadway Avenue will now serve as a full-service bank conveniently located on the East side of Mattoon right off Interstate 57. This location will help make banking more convenient for those living and working in the area, as it is very close to many key shopping locations and businesses.
Their Wealth Management team will operate out of the Broadway Ave Banking Center and will be expanding their services to offer even more trust and investment opportunities. The Lerna branch will continue to provide great service to the residents of Lerna and the surrounding areas. The Lerna branch will be open six days a week beginning on August 23, 2021.
The philosophy of community banking is inherent in the directors, officers and employees of both banks. A community bank’s success is founded in its ability to identify and service the financial needs of the people in the communities it serves.
Upon closing of the merger, Preston Smith, Chief Executive Officer of First National Bank announced his retirement from full-time employment in the banking industry. He will remain with Washington Savings Bank in a part-time capacity through June of 2022.
“First National Bank has maintained an excellent reputation in the community under the leadership of Preston Smith. We are excited at the opportunity to acquire First National Bank and to increase our community banking presence in the Mattoon area. The transaction will significantly enhance our wealth management capabilities. We are thrilled that Preston agreed to stay involved in order to ensure a smooth transition,” said David Doedtman, President of Washington Savings Bank.
Preston Smith, Chief Executive Officer of First National Bank, said, “We are excited to partner with a strong community bank like Washington Savings Bank. We believe that this combination provides an opportunity for us to provide an expanded range of products and services to our customers while maintaining the high quality of customer service that our customers have come to expect.”
About Washington Savings Bank:
Founded in 1883, Washington Savings Bank strives to be a financially strong and customer service driven bank. They offer a full line of products and services for personal banking, commercial banking and trust and investment services with full service branch locations in Effingham, Mattoon and Lerna, Illinois. The bank has received a 5-Star rating, the highest possible, from Bauer Financial for over 30 consecutive years. Fewer than 1% of the nation’s banks can make this claim. More information about Washington Savings Bank is available on our website at www.washingtonsavings.net.
