Wayne Savings Announces Major Stockholder to Join Board
WOOSTER, Ohio, Nov. 22, 2017 (GLOBE NEWSWIRE) -- Wayne Savings Bancshares Inc. (the “Company”) (OTCQX:WAYN), the holding company for Wayne Savings Community Bank (the “Bank”) and Ancora Advisors, LLC and certain of its affiliated entities announced today the appointment of Brian Hopkins to the Company’s Board of Directors. Mr. Hopkins was added to the Board of Directors of the Company and the Bank on November 21, 2017 and will serve in the class of directors whose term expires at the conclusion of the annual meeting of stockholders to be held in 2020.
Mr. Hopkins is a principal of Ancora Advisors, LLC an investment firm based in Cleveland, Ohio that invests in community banks and thrifts. Ancora is a 4.9% institutional stockholder in Wayne. Mr. Hopkins has extensive financial experience, is Co-Founder of Ancora Advisors, LLC and is a long-time resident of Northeast Ohio. Ancora principals have previously served as a director of six banks and thrifts throughout the U.S.
Jay VanSickle, the Company’s President and Chief Executive Officer, said, “We believe that Brian is well qualified to serve as a director. Brian’s financial expertise and banking industry knowledge will make him an important addition to our Boards. The incumbent Board members agreed that bringing Brian on to the Boards is in the best interest of the Company, and will permit us to focus on the Company’s financial performance and profitability as we continue to maximize value to our shareholders.”
Fred DiSanto, Chief Executive Officer of Ancora, said, “We are excited to work with Wayne as Jay transforms the bank into a performance driven, high ROE and high ROA bank while continuing to effectively serve the Wayne County area.” Mr. Hopkins added, “We are aware of Jay’s stellar pedigree and the experience he gained as a key executive at First National Bank of Orrville, one of the best run community banks in the U.S. We believe he and his team will continue that success at Wayne and are excited to aid him and the Board of Directors of Wayne in whatever manner we can to hit those metrics again. Ultimately our goal is to achieve a win/win situation where shareholders, customers, depositors and the community are happy to be stakeholders in Wayne.”
James R. VanSickle II
President and Chief Executive Officer
Source: Wayne Savings Bancshares Inc.