Wayne Savings Announces that ISS and Glass Lewis Have Both Recommended Voting in Favor of The Company’s Director Candidates
Wooster, Ohio, April 12, 2018 – Wayne Savings Bancshares, Inc. (OTCQX: WAYN) (the “Company”), the holding company parent of Wayne Savings Community Bank, today announced that Institutional Shareholder Services (“ISS”) and Glass Lewis, the leading providers of proxy research and vote recommendations to the institutional investment community, have both recommended that Wayne Savings stockholders vote in favor of the Company’s nominees for director, David Lehman and Glenn Miller.
Chair Peggy Schmitz commented, “We are pleased to receive the recommendations from ISS and Glass Lewis for the second year in a row. The support of both firms reinforces the fact that David Lehman is more qualified to serve as a Director of Wayne Savings than the Stilwell Group nominee.”
In its report, ISS concluded that the Stilwell Group has not made a compelling case for change on Wayne Savings’ Board of Directors, and did not recommend support for the director candidate nominated by the Stilwell Group.
ISS noted in the recommendation report:
- TSR [total shareholder return] “significantly outperformed peers over the five-year period”
- “Lehman served as interim CEO for a majority of FY2017, during which time the company laid the groundwork for its recent strategic shift and witnessed a turnaround in operational results.”
- “The dissident [the Stilwell Group], which is arguing that the company should retain an investment bank to determine its value in a potential transaction, has not made a compelling case for board change. The company installed a permanent CEO, operational performance has improved, and a representative of a significant shareholder with extensive regional bank experience recently joined the board. In light of these factors, the board and management team should be afforded an opportunity to continue executing on the current business plan.”
Wayne Savings encourages all shareholders to visit www.waynesavings.com to review investor relations information. Shareholders with questions about how to vote their shares may call the investor relations department at (330) 287-2857 or Alliance Advisors, LLC at (855) 601-2251.
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 Company’s 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 Management’s Discussion and Analysis in our most recent Annual Report for the year ended December 31, 2017. 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.
James R. VanSickle
President and Chief Executive Officer