History

TWSB - Deeply Rooted in Our Local Community

The year was 1982. Ronald Reagan was president. The space shuttle Columbia completed its first operational flight. The Cable News Network, or CNN, was launched. E.T. the Extra-Terrestrial was the top grossing film of the year. And, The Washington Savings Bank opened for business in Waldorf, Maryland.

Originally known as Bay State Savings and Loan Association, it operated as a state chartered Savings and Loan bank, insured by the Maryland Savings Share Insurance Corporation (MSSIC). Bay State was a very popular savings institution and grew rapidly, primarily because of its attractive savings rates and its ability to offer a full-range of FHA, VA, Conventional and Construction loans. Expansion occurred in October 1984 with the opening of a full-service branch in Odenton, Maryland.

In the spring of 1985, all MSSIC insured savings and loans in Maryland were subjected to a highly publicized insurance crisis. The MSSIC insurance funds, which guaranteed deposits, came under pressure from several troubled savings and loan organizations. Responding quickly to the dire circumstances, executive management of Bay State immediately applied for membership in the Federal Insurance Program. Since Bay State was financially strong, it was among the first to receive Federal Insurance and was able to weather the S&L crisis. That same year, Bay State became a federally chartered savings bank and changed its name to reflect its growing stature in the local community ... The Washington Savings Bank FSB (Federal Savings Bank). Growth continued thanks in large part to customer confidence in our savings and loan programs.

Customer confidence in the bank was amplified in August 1988 when The Washington Savings Bank offered shares of stock for sale to the general public. Today, we trade on NASDAQ under the symbol "WSB". Our community roots broadened in December 1988 with the opening of our third savings branch office in Millersville, Maryland.

By August 1995, increased demand for our local banking services led to the fourth savings branch in Crofton, Maryland. In 1997, a robust economy, responsive management and satisfied customers allowed for the establishment of our Corporate Headquarters Complex and our fifth savings branch in Bowie, Maryland. Over the years, The Washington Savings Bank has also opened separate mortgage offices in Maryland and Virginia, and in 2006 created the Wholesale Lending Division.

From an original staff of five in Waldorf to nearly 170 talented and dedicated employees today, The Washington Savings Bank has over $454 million in assets under management as of June 2006.