“Federation” is commonly defined a union of organizations. We believe that we are more than just a union of organizations but also a union of communities by serving Washington, Brighton, Richland and Wellman, Iowa. We belong together because “Together We’re Strong.”
In 1905, Rubio Savings Bank was chartered as a state bank in the railroad town of Rubio, Iowa. At that time the local citizens saw huge potential for their village to grow with the railroad. In 1931, the bank expanded and moved their main office to Brighton, Iowa. The integrity of the bank is best illustrated by its uninterrupted service to customers through the Great Depression. The Rubio location later closed and the Brighton office continues to serve Rubio.
Washington Federal Savings and Loan Association was chartered in 1934 as a federal savings and loan 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. Over time the savings and loan association offered more products and by 1994 was providing a wide range of banking services. In 1994, Washington Federal converted to a federal savings bank and the name was changed to Washington Federal Savings Bank.
In 1995, Washington Bancorp was formed as a unitary thrift holding company. In 1996, Washington Bancorp initially offered shares to the public and simultaneously became the holding company for Washington Federal Savings Bank. Then in 1998, Washington Bancorp converted to a bank holding company and completed the acquisition of Rubio Savings Bank of Brighton. From 1998 until 2003 the two banks continued to operate under the separate charters.
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 Savings Bank opened full-service branches in Wellman, Iowa in 1998 and in Richland, Iowa in 2000.
In 2003, Washington Federal Savings Bank filed an application to merge with the Rubio Savings Bank of Brighton. Upon completion of the merger, all four banks became known as Federation Bank.
The federation adds strength as we strive to enhance shareholder value by being a community-involved financial institution that provides diversified services by friendly and qualified staff committed to lasting customer and shareholder relationships. Together we’re strong.