A Woodbridge, Va., savings and loan has rebuffed attempts by a Washington-based group to take it over.

First American Savings and Loan Association rejected an offer of up to $10 million to purchase all of its stock. The bid was made by Columbia Enterprises Inc., a holding company with interests in heavy construction, trucking, excavation and related fields. Its president is Donald Wolfe.

First American's executive vice president James H. Harrison said that the board turned down the offer because it thought the price was inadequate in view of projected earnings. Columbia offered $19.38 per share or 1 1/2 times the book value of the 402,000 shares outstanding. The maximum per share could climb to $25 if the S&L meets its current budget projections.

First American reported earnings of $611,138 for the first quarter of 1983 ($1.52 per share), compared with a loss of $408,199 ($1.02) for the first quarter of last year. It has assets of over $200 million and its net worth at the end of March was $5 million. It has 12 offices in Virginia.

The S&L's stock is traded over the counter. The most recent trade took place in March at $10 per share. Its low in the past year was in the $6-to-$7 range.

First American's stock is widely held but its officers and directors control 35 to 40 percent of it. Harrison said he had heard no negative comment from stockholders about the board's rejection of the $19.38 offer. He added he did not anticipate another offer from Columbia.

Columbia's president, whom Harrison said is also involved in residential building in the area through another company, could not be reached for comment.