Wayne Savings Bancshares, Inc. Announces Adoption of a 5% Stock Repurchase Program
WOOSTER, Ohio, Nov. 25, 2020 (GLOBE NEWSWIRE) -- Wayne Savings Bancshares, Inc., (the “Company”) (OTCQX:WAYN), the holding company for Wayne Savings Community Bank, reported that its Board of Directors approved a new stock repurchase program. On November 24, 2020, the Board of Directors adopted a new 5% stock repurchase program authorizing the Company to repurchase up to an additional 124,685 shares. The stock repurchase program may be limited or terminated at any time without prior notice. The previous stock repurchase program was completed during the third quarter of 2020.
President and CEO James R. VanSickle commented, “The Company continues to support improvement in shareholder value by introducing this new 5% stock repurchase program. We remain committed to building value through strong earnings, cash dividends and stock repurchase programs. We are grateful for the continued support we are receiving from both 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, 2020, Wayne Savings Bancshares, Inc. reported total assets of $550.7 million, deposits of $451.6 million, and stockholders’ equity of $50.9 million, or 9.2% of total assets.
Established in 1899, Wayne Savings Community Bank, the wholly owned subsidiary of Wayne Savings Bancshares, Inc., has twelve full-service banking locations in the communities of Wooster, Ashland, Millersburg, Rittman, Lodi, North Canton, Creston, and Fredericksburg, Ohio.
James R. VanSickle II
President and Chief Executive Officer