History

Washington Bancorp, an Iowa corporation, was formed as a unitary thrift holding company in 1995.  In 1996, Washington Bancorp initially offered shares to the public and simultaneously became the holding company of Washington Federal Savings Bank.  In 1998, the company converted to a bank holding company and completed the acquisition of the Rubio Savings Bank of Brighton, a state-chartered bank.

Washington Federal Savings Bank was chartered in 1934 as a federal savings and loan association at the height of the Great Depression.  Fifty local citizens provided its optimistic foundation with their pledges of $100 each to furnish a source for financing home ownership.  Simply, savings account funds were used to originate mortgage loans.  Over time, the savings and loan association offered more products and by 1994 was providing a full range of banking services.  In 1994, Washington Federal converted to a federal savings bank and in 1996 converted to a stock form of organization through the sale and issuance of its common stock to Washington Bancorp.

Rubio Savings Bank of Brighton was chartered in 1906 as a state bank in the railroad town of Rubio, Iowa.  At that time called Rubio Savings Bank, the local citizens saw huge potential for their village to grow with the railroad.  The bank moved its main office to Brighton, Iowa, in 1941 and the integrity of the bank is best illustrated by its uninterrupted service to its customers throughout the Great Depression.

In 1998, Washington Bancorp identified two small communities near Washington, Iowa, where there was an opportunity to improve upon the financial services being provided.  In response, Washington Federal opened full-service branches in Wellman, Iowa, in 1998, and Richland, Iowa, in 2000.

In January 2003, Washington Bancorp applied to merge Washington Federal and Rubio Savings Bank.  The purpose was to streamline the organization, offer customers more convenient banking opportunities, and eliminate any confusion of corporate identity.  The merged bank was named Federation Bank, to symbolize the uniting of two organizations into one.  Washington Bancorp maintained Rubio Savings Bank's state banking charter and transferred the home office to Washington.  The merger took place on April 15, 2003.

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