Wayne Savings Bancshares, Inc. Repurchases $1.4 Million of Its Common Shares
WOOSTER, Ohio, Dec. 06, 2017 (GLOBE NEWSWIRE) -- Wayne Savings Bancshares, Inc., (the “Company”) (OTCQX:WAYN), the holding company for Wayne Savings Community Bank, today reported that it has repurchased 75,995 of its common shares for a total of $1,424,906. This privately negotiated repurchase transaction completes the Company’s stock repurchase program announced on September 22, 2016.
Jay VanSickle, the Company’s President and Chief Executive Officer, commented, "We are pleased to announce the completion of our stock repurchase program. The most recent transaction will be accretive to earnings with a short earn-back period. We remain confident in our ability to drive long-term sustainable growth and significant value for our shareholders."
Peggy Schmitz, the Company’s Chair of the Board of Directors, added, “We are committed to utilizing accumulated earnings in a shareholder friendly manner by returning excess capital to shareholders through dividends and share repurchases or through prudent growth. The Board plans to consider another stock buyback program at future meetings.”
At September 30, 2017, Wayne Savings Bancshares, Inc. reported total assets of $446.3 million, deposits of $370.4 million, and stockholders’ equity of $42.6 million, or 9.55% 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.
James R. VanSickle II
President and Chief Executive Officer
Source: Wayne Savings Bancshares Inc.