Independent Banker - September 2018 - 56

Washington State Bank, founded 1893
Washington, La.
W
ashington State Bank was
founded to stay ahead of the
dramatic changes in technology that
were occurring at the end of the 19th
century, says Sue Soileau Durand,
president, CEO and chairman of the
$191 million-asset community bank.
At the time, Washington was the
largest port city between New Orleans
and St. Louis, but the steamboat era
was coming to an end, and railroads
arrived in 1891. The founders
recognized the economy would
expand at a much faster pace than
it had been, increasing demand for
banking services locally.
" The bank was founded in 1893 due
to the creativity of townspeople who
did not want to rely on New Orleans
banks any longer, " Durand says.
On April 21, 1893, the Opelousas
Courier wrote: " We are pleased to see
our neighbors of Washington showing
such evidence of enterprise and
progressiveness as the establishment
of a bank with a $50,000 capital. ...
[It] presages a bright future in store
for our sister town. "
Durand recalls a former bank
director telling her the bank was able
to stay open during the Depression
because it was so remotely located
that it enjoyed a longer " bank holiday "
before regulators could visit.
" The regulators began with large
banks in the urban areas and only
much later got to smaller banks in
smaller communities, " she says. " But
then their stagecoach could not get
to the bank during the Depression
to alert the bank to close. It was
wintertime-lots of mud. "
While that's a true story, Durand
says the bank was also able to
survive because of " the conservative
community service banking
philosophy it has always maintained. "
Perhaps the bank's greatest
challenge came in the 1980s, when
Louisiana's laws changed to allow
banks to operate branches in multiple
parishes. After that, many larger
banks moved into Washington State
Bank's St. Landry Parish area, says
Durand. After the economy in its
home market declined, the bank
decided to expand into adjacent
parishes itself.
Today, the bank has branches in
six communities in and around " the
virtual crossroads " of I-10 and I-49,
expanding its products and services
to both individuals and businesses,
Durand says. " The bank started with
$50,000 in capital, and now we have
close to $20 million, " she says. It
uses part of its capital to launch new
technologies as they emerge. These
include mobile apps, remote deposit
capture and online banking, as well as
Where will your bank be in
another 125 years?
" Exactly where
we started:
abreast of
technological
changes and still
serving the needs
of the local communities.
That is always the goal of a
great community bank. "
-Sue Soileau Durand,
Washington State Bank
new off erings, such as white-labeled
free checking and savings products
through Kasasa.
" We've always been technologically
savvy for a community bank, " Durand
says. " We have all the bells and
whistles of the large banks. "
The bank board and management's
future plans? " To remain the best
community bank " and also expand
farther into southern Louisiana's
Acadiana region, Durand says. " I also
want to encourage more women to
join my board. "
Lessons learned from a bank
that's lasted so long? " Along the line,
somebody made the right decision
every day, " she says. Also, " we still
have the philosophy that a smile and a
handshake still have value. "
From left: Washington State Bank today;
bank president, CEO and chairman Sue
Soileau Durand; and the bank in 1910.
56 Q ICBA Independent Banker Q September 2018
Independent Banker - September 2018

Table of Contents for the Digital Edition of Independent Banker - September 2018
