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Wayne Savings Announces 2020 Annual Meeting Voting Results

Wooster, Ohio, May 5, 2020 – On April 30, 2020, Wayne Savings Bancshares, Inc. (OTCQX: WAYN) (the “Company”) held its 2020 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 three (3) directors to serve until the 2023 annual meeting of stockholders.

The three nominees who received a plurality of “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

Brian Hopkins

1,172,282

401,129

642,541

Debra A. Marthey

1,170,116

403,294

642,541

James R. VanSickle II

1,166,057

407,353

642,541

 

Proposal 2: Vote on 2020 Stock Equity Plan

According to the final report of the inspector of election tabulation voting results, stockholders approved the proposed 2020 Stock Equity Plan.  The final report of the inspector of elections tabulation of voting results is set forth below:

For

Against

Abstain

Broker Non-Votes

1,001,590

535,368

36,427

642,541

 

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

1,020,416

410,077

142,917

642,541

 

Proposal 4: To ratify the appointment of BKD, LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2020.

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, 2020, by the votes indicated below:

For

Against

Abstain

Broker Non-Votes

2,108,930

84,185

22,835

-

 

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.  2019 was the best year in the history of the Company and it would not have been possible without the support of our shareholders, customers and amazing employees.  We know that 2020 will be quite different from 2019 as we deal with the impact of the COVID-19 pandemic, but I want to assure everyone we have been able to maintain our operations at a high level without sacrificing the health and safety of our employees or customers.”

Board Chair Peggy Schmitz echoed VanSickle’s appreciation for the shareholder support, and added, “We plan to be proactive and responsive to the challenges facing our customers during these uncertain times.  Community banks like Wayne Savings are essential to the American economy in stressful times such as now.  We want our customers and communities to know Wayne Savings Community Bank is here to help.”

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, 2019. 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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