Wayne Savings Bancshares, Inc. Announces Adoption of a 4% Stock Repurchase Program
Wooster, Ohio, December 20, 2019 (GLOBE NEWSWIRE) – Wayne Savings Bancshares, Inc., (the “Company”) (OTCQX:WAYN), the holding company for Wayne Savings Community Bank, reported that its Board of Directors has adopted an additional stock repurchase program. On October, 25, 2018 the Board of Directors adopted a 4% stock repurchase program authorizing the repurchase of up to 108,234 shares. There are currently 4,325 shares remaining to be purchased under the previous repurchase plan. On December, 19, 2019 the Board of Directors adopted a new 4% stock repurchase program authorizing the Company to repurchase up to an additional 103,904 shares. The stock repurchase program may be limited or terminated at any time without prior notice.
President and CEO James R. VanSickle commented, “The addition of another stock repurchase program continues to support our efforts to improve shareholder value. Our strategy to become a high-performing community bank is complemented by our commitment to building value through earnings improvement, cash dividends and stock repurchase programs. We appreciate the continued support from our customers and shareholders.”
Under the stock repurchase program, the Company may acquire shares of its common stock in the open market or in any private transaction, from time-to-time and in accordance with applicable laws, rules and regulations. The timing and extent to which the Company repurchases its shares will depend upon management’s assessment of market conditions and other corporate considerations as may be considered in the Company’s sole discretion.
At September 30, 2019, Wayne Savings Bancshares, Inc. reported total assets of $493.9 million, deposits of $403.8 million, and stockholders’ equity of $47.7 million, or 9.7% of total assets.
Established in 1899, Wayne Savings Community Bank, the wholly owned subsidiary of Wayne Savings Bancshares, Inc., has eleven full-service banking locations in the communities of Wooster, Ashland, Millersburg, Rittman, Lodi, North Canton, and Creston, Ohio. The Bank also has a loan production office in Poland Ohio.
James R. VanSickle II
President and Chief Executive Officer