Local Bank Gets Recognition

Washington Savings Bank was recently rated 5-Star for financial strength by BauerFinancial Inc. This is an achievement that Washington Savings Bank is not unfamiliar with. 

“We have been rated 5-Star by BauerFinancial for 114 consecutive quarters,” said Dave Doedtman, President of Washington Savings Bank. “Less than 6% of banks in the country can make this claim.”

The 5-Star rating means that Washington Savings Bank is profitable, keeps delinquent loans in check, and has at least twice the capital required by regulators.

According to the Jumbo Rate News, a weekly financial industry publication, Washington Savings Bank also made the list of top fifty “Community Banks With the Highest % Growth in Net Worth”. This list is an overview of the entire country, not just community banks in Illinois.

The report reflects that Washington Savings Bank increased its net worth by over 87% in one year. This growth is measured through Generally Accepted Accounting Principles (GAAP) and compares the bank’s net worth from June of 2015 to June of 2016. Washington Savings Bank was one of five Illinois banks that made the list of fifty.

“Being recognized at such a high standard amongst our peers is an honor,” said Doedtman. “It is clear proof that the overall mission of Washington Savings Bank is being executed.”

BauerFinancial has been analyzing and reporting on the financial condition of the nation’s banking industry since 1983. Through the years BauerFinancial has earned the reputation of “the nation’s bank rating service”. If you would like more information regarding BauerFinancial, visit www.bauerfinancial.com.