Awards & Recognition

Best of Port Richmond 2010, Best Bank: Washington Savings

Philadelphia, PA – June 17, 2010: In the last few years the news has been crowded with stories of bank failures and takeovers, of mismanagement and lost savings. Customers might well ask whether the money they deposit on Monday will be there to withdraw on Tuesday. With such bleak news, it might be tempting to resort to the old-fashioned practice of stuffing cash into a mattress and bypass the banks.
But there’s a better choice, one that’s also harks back to a simpler time – the overwhelming choice of Port Richmond Star readers, in fact.
You may remember that bank from your childhood. Perhaps the manager visited your school and offered pointers about saving money. Your parents walked there to do business, taking you along, and the teller remembered their names – and maybe even your favorite cartoon character. Perhaps your grandparents banked there as well. Since the bank was founded in 1903, that would not be surprising. What is surprising is that this bank still exists and thrives today. And it’s located in your neighborhood: Washington Savings Bank.
Washington Savings is, above all, a community bank, with plan to stay that way. There are five branches, all within city limits. “We want to keep the bank in Philadelphia,” says Port Richmond branch manager Vera Nimczuk, By doing so, they keep in touch with customers. “We know customers’ first names, not just their Social Security numbers,” says Nimczuk.
Nimczuk, who has managed the Port Richmond branch for five years began as a teller, trained at different departments and smaller branches before her promotion to her present position. Her greatest satisfaction comes “when I help customers and they leave satisfied, they recommend the bank to others.”
She noted that many of the customers come from the immediate neighborhood. “People walk here” from their homes. “They’ve banked here many years and stay loyal, so we get to know them on a first-name basis.”
Moreover, the personal connection does not exclude even the top executive. Said CEO Martin Bednarek, “You can pick up the phone and ask for the CEO, and he will be sure to get back to you.” Bednarek’s roots with the bank run deep. “I am proud to say,” he explained, “that a member of my family has been involved with the management of the bank since it was founded.”
With such a long-standing relationship with the bank and with the community, Bednarek is especially committed to ensuring that his bank acts responsibly towards his customers. “Washington Savings would never put a family in a home it can’t afford to keep,” he said. “We have not foreclosed on a property in over five years and our loan portfolio is very strong.” Further, “We have plenty of money to lend to qualified customers who need a mortgage, home equity, car or numerous other loans.”
While Washington Savings offers a variety of services typical of any bank, the added dimension is that of community service. Said Nimczuk, “We visit schools and talk to children about saving money. We have shredder events, and also raise funds for breast cancer awareness, have canned food drives, and set up tables at park events.”
It looks as though Star readers recognize something good when they see it – and use mattresses for sleeping, not for storing money, They rest easier knowing that Washington Savings is taking care of their money instead. Washington Savings Bank is located at 2701 E. Allegheny Ave, 215-427-3500.
Article Written By: Diane McManus, Port Richmond Star