Wayne Savings Bancshares, Inc. and Main Street Financial Services Corp. Receive Regulatory Approval for Merger

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Wayne Savings Bancshares, Inc. and Main Street Financial Services Corp. have received approval for their merger from Regulatory Authorities. The merger aims to create a premier community bank with enhanced products and services, scheduled to close in the second quarter of 2024.

WOOSTER, Ohio and WHEELING, W.Va., March 15, 2024 /PRNewswire/ -- Wayne Savings Bancshares, Inc. (OTCQX: WAYN) ("Wayne"), the holding company of Wayne Savings Community Bank and Main Street Financial Services Corp. (OTCPK: MSWV) ("Main Street"), the holding company of Main Street Bank Corp., jointly announced today that approval has been received from the Federal Reserve Bank, The Federal Deposit Insurance Corp., the Ohio Division of Financial Institutions, and the West Virginia Board of Banking and Financial Institutions (collectively, the "Regulatory Authorities") for the merger of Wayne with and into Main Street followed by the merger of Main Street Bank Corp. with and into Wayne Savings Community Bank.

"We are pleased to have received all required approvals from the Regulatory Authorities. We are progressing as planned, and we anticipate closing the transaction in the second quarter," stated Mark Witmer, Executive Chairman of Wayne. "We are excited to bring together two organizations as a premier community bank with enhanced products and services while honoring our commitment to superior customer service, personalized financial solutions and unwavering community support."

The transaction was announced on February 23, 2023 and is expected to close in the second quarter of 2024 pending the satisfaction of all closing considerations, including shareholder approval of both companies.

About Wayne Savings Bancshares, Inc.
Wayne Savings Bancshares, Inc. operates as the holding company for Wayne Savings Community Bank that provides personal and business banking products and services to individuals, businesses, and other organizations. The company offers checking, savings, money market, and term certificate accounts, as well as certificates of deposit. It also provides residential mortgage, commercial, installment, residential and nonresidential real estate, commercial real estate, residential construction, multi-family real estate, land, commercial business, consumer, home, home equity, auto, recreational vehicle, personal, furniture and appliance, agriculture, and term loans, as well as lines of credit, government guaranteed programs, and standby letters of credit. In addition, the company offers financial planning, retirement planning, investment advisory, insurance, and wealth management and trust services. Further, it provides overdraft protection, re-order check, remote deposit capture, merchant, sweep, online and mobile banking, and bill pay services, as well as debit, credit, and gift cards. The company operates fourteen full-service banking locations in the communities of Wooster, Ashland, Millersburg, Rittman, Lodi, North Canton, Creston, Fredericksburg, Washingtonville, Dalton, and Carrollton, Ohio. Wayne Savings Bancshares, Inc. was founded in 1899 and is based in Wooster, Ohio.

About Main Street Financial Services Corp.
Main Street Financial Services Corp. operates as the financial services holding company for Main Street Bank Corp. that provides various banking products and services. It offers checking and savings accounts; and various loans, such as commercial, real estate, installment, consumer, and residential loans, as well as personal lines of credit. The company also provides other services, including wire transfers, ATM, business money market, Internet banking, safe deposit boxes, non-profit accounts, and renaissance services of CDs. It serves to business communities, professionals, and individuals. The company operates five full-service banking locations in the communities of Wheeling, Elm Grove, Wellsburg and Moundsville, West Virginia and Toronto, Ohio. Main Street Financial Services Corp. was founded in 2001 and is based in Wheeling, West Virginia.

Contact:
John Culler
13046392687
jdculler@beyondmk.com 

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SOURCE Main Street Financial Services Corp

FAQ

When was the merger approval received?

The merger approval was received on March 15, 2024.

What are the names of the holding companies involved in the merger?

Wayne Savings Bancshares, Inc. (OTCQX: WAYN) and Main Street Financial Services Corp. (OTCPK: MSWV).

When is the merger expected to close?

The merger is expected to close in the second quarter of 2024.

Who is the Executive Chairman of Wayne Savings Bancshares, Inc.?

Mark Witmer is the Executive Chairman of Wayne Savings Bancshares, Inc.

What are the key benefits of the merger?

The merger aims to create a premier community bank with enhanced products and services, while focusing on superior customer service, personalized financial solutions, and community support.