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Wayne Savings Announces 2019 Annual Meeting Voting Results

 

Wooster, Ohio, April 29, 2019 – On April 25, 2019, Wayne Savings Bancshares, Inc. (OTCQX: WAYN) (the “Company”) held its 2019 Annual Meeting of Stockholders (the “Annual Meeting”). The inspector of elections delivered its final report of voting results for each of the matters submitted to a vote.

Proposal 1: To elect two (2) directors to serve until the 2022 annual meeting of stockholders.

The two nominees who receive the most “FOR” votes are elected as directors. The final report of the inspector of elections tabulation of voting results is set forth below:

Board of Directors Nominees:

Nominee

For

Withheld

Broker Non-Votes

Jonathan Ciccotelli

1,475,003

140,376

705,963

Peggy J. Schmitz

1,490,188

125,191

705,963

 

Proposal 2: Vote on amendment to decrease the number of authorized shares of common stock

According to the final report of the inspector of election tabulation voting results, stockholders approved the vote to decrease the number of authorized shares of common stock from 9,000,000 shares to 5,000,000 shares.  The final report of the inspector of elections tabulation of voting results is set forth below:

For

Against

Abstain

Broker Non-Votes

2,221,296

72,606

27,440

 

Proposal 3: Advisory vote on executive compensation.

According to the final report of the inspector of election tabulation voting results, stockholders adopted the advisory (non-binding) resolution to approve the Company’s executive compensation, as described in the Company’s proxy statement, by the votes indicated below:

For

Against

Abstain

Broker Non-Votes

1,410,207

90,732

114,440

705,963

 

Proposal 4: Advisory vote on frequency of executive compensation vote.

According to the final report of the inspector of election tabulation voting results, stockholders adopted the advisory (non-binding) resolution to approve the frequency of the vote on the Company’s executive compensation for a “1 Year” frequency, as described in the Company’s proxy statement, by the votes indicated below:

1 Year

2 Year

3 Year

Abstain

Broker Non-Votes

1,404,712

54,786

38,802

117,079

705,963

 

Proposal 5: To ratify the appointment of BKD, LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2019.

According to the final report of the inspector of election tabulation of voting results, stockholders ratified the appointment of BKD, LLP as independent registered public accounting firm for the year ending December 31, 2019, by the votes indicated below:

For

Against

Abstain

Broker Non-Votes

2,265,828

38,028

17,486

 

President and CEO James VanSickle commented on the results, “We appreciate the support of our shareholders for voting with the recommendations for every proposal this year.  2018 was the best year in the history of the Company and we are excited for our opportunities in 2019 and beyond.”

Board Chair Peggy Schmitz echoed VanSickle’s appreciation for the shareholder support, and added, “The Board feels strongly that the Company is headed in the right direction and will continue to work hard to maximize shareholder value through strong leadership, the diligent support of our staff and excellent customer relationships.”

Forward-Looking-Statements
This release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) that reflect management
s current assumptions and estimates of future economic circumstances, industry conditions, Company performance and financial results. A variety of factors could cause the Companys actual results and experience to differ materially from the anticipated results, including, but not limited to the factors noted in this letter and in the Managements Discussion and Analysis in our most recent Annual Report for the year ended December 31, 2018. The forward-looking statements in this letter speak only as to the date of this release. Wayne Savings Bancshares, Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations upon which such statements are based.

 

Contact Information:

James R. VanSickle

President and Chief Executive Officer

(330) 264-5767

 

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

                                                                                                                                                                                                                                                                                                                                                    

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