Question 1

What is First Federal Savings Bank of Washington?

Accepted Answer

First Federal Savings Bank of Washington is a community-focused mutual federal savings bank serving Washington, Indiana and surrounding areas. With approximately $94.4 million in assets, the bank operates as a mutual institution, meaning it is owned by its depositors rather than stockholders. This unique ownership structure allows the bank to prioritize customer service and community needs over maximizing shareholder returns. As Washington's only locally-owned bank, the institution has maintained its independence and local decision-making for over 130 years.

Question 2

When was First Federal Savings Bank of Washington founded?

Accepted Answer

First Federal Savings Bank of Washington was established in 1895, with its organizational meeting held on January 31, 1895. The bank's first Board of Directors included prominent local businessmen: Hiram Hyatt, William Heffernan, Aikman Carnahan, Zed Benham, William A. Healy, Hamlet Allen, John M. Smith, E.A. Crosson, and M.F. Burke. The original officers were N.H. Jepson (President), Albun Horall (Vice President), T.A. Crosson (Secretary), and R.C. Davis (Treasurer).

The bank was founded to provide savings and loan services to the working families of Washington, enabling them to build wealth and achieve homeownership.

Question 3

Where is First Federal Savings Bank of Washington headquartered?

Accepted Answer

First Federal Savings Bank of Washington is headquartered in Washington, Indiana. Washington is the county seat of Daviess County in southwestern Indiana, located in the Washington, IN micropolitan statistical area. The bank has maintained its presence in this community throughout its entire history, demonstrating unwavering commitment to its hometown.

Question 4

Where does First Federal Savings Bank of Washington operate?

Accepted Answer

The bank operates from a single office location in Washington, Indiana, serving Daviess County and the surrounding region. This focused geographic footprint allows the institution to maintain deep community relationships and provide highly personalized banking services. As the only locally-owned bank in Washington, it serves as a vital community resource for residents and small businesses in the area.

Question 5

What services does First Federal Savings Bank of Washington offer?

Accepted Answer

First Federal Savings Bank of Washington offers a comprehensive range of traditional banking services including savings accounts, checking accounts, certificates of deposit, individual retirement accounts (IRAs), and money market accounts. The bank provides various lending products including residential mortgages, consumer loans, home equity loans, and business financing.

Modern banking conveniences are available through the bank's website at www.firstfederalwashington.com, including online banking services, electronic statements, and digital account management tools. The bank also offers safe deposit boxes, wire transfers, and other traditional banking services.

Question 6

What makes First Federal Savings Bank of Washington unique?

Accepted Answer

The bank's mutual ownership structure is its most distinctive feature—as a mutual Federal Savings Bank, it has no stockholders but is instead owned by its customer depositors. This structure eliminates the risk of being purchased by large out-of-town banks or holding companies, allowing the institution to control its own destiny and focus on customer service rather than shareholder profits.

As Washington's only locally-owned bank, First Federal provides an attractive alternative to large regional and national banks with its combination of stability, innovation, and hometown service. The bank's leadership has emphasized that "we are not a prisoner of the bottom line, so we can afford to put our customers as well as our community first."

The institution has served the community through multiple generations of leadership, with the current president, Eric J. Lane, continuing the tradition established by seven previous presidents dating back to 1895.

Question 7

What type of financial institution is First Federal Savings Bank of Washington?

Accepted Answer

First Federal Savings Bank of Washington is a Mutual Federal Savings Bank. This designation means it operates under a federal charter granted by the Office of the Comptroller of the Currency (OCC) and is regulated as a thrift institution. The mutual ownership structure distinguishes it from stock-owned banks—depositors are the owners, and the bank operates for their benefit rather than for external shareholders.

This type of institution traditionally focuses on residential mortgage lending and savings products, serving the housing and savings needs of local communities. The bank is a member of the Federal Deposit Insurance Corporation (FDIC), providing deposit insurance protection to its customers.

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