Wayne Savings Bancshares, Inc. and Main Street Financial Services Corp. Complete Merger
Wayne Savings Bancshares (OTCQX: WAYN), the holding company of Wayne Savings Community Bank, and Main Street Financial Services (OTCPK: MSWV), the holding company of Main Street Bank, have completed their merger as of May 31, 2024. Wayne shareholders will receive 1.7446 shares of Main Street common stock per Wayne share, with cash for fractional shares. Customers of both banks should continue banking as usual, with a systems integration and rebranding to Main Street Bank expected in Q2 2024. Advisors for the deal included Piper Sandler & Co., Raymond James & Associates, Dinsmore & Shohl LLP, and Jackson Kelly PLLC.
- Wayne shareholders receive 1.7446 shares of Main Street common stock per Wayne share.
- Merger allows for combined resources and talent, strengthening financial services.
- Regulatory and shareholder approvals obtained smoothly.
- Planned integration and rebranding aimed at enhancing customer service.
- Potential risks associated with integrating systems and services.
- Uncertainty regarding customer retention during the transition phase.
- Possible short-term operational disruptions during the merger process.
WOOSTER, Ohio and WHEELING, W.Va., May 31, 2024 (GLOBE NEWSWIRE) -- Wayne Savings Bancshares, Inc. (OTCQX: WAYN) ("Wayne"), the holding company of Wayne Savings Community Bank (“Wayne Savings”) and Main Street Financial Services Corp. (OTCPK: MSWV) ("Main Street"), the holding company of Main Street Bank Corp. (“Main Street Bank”), jointly announced today the closing of their previously announced merger.
Mark R. Witmer, the Executive Chairman of Main Street, the resulting institution, said, “This is an exciting day for us as we combine two community banks with a commitment to bring lasting value to the customers we proudly serve. We are grateful for the support of our shareholders throughout this transaction and are excited for the combined talent and resources at our organizations as we look to the future.”
Wayne and Main Street previously announced on March 15, 2024 the receipt of all necessary bank regulatory approvals, and on May 10, 2024, the receipt of Wayne shareholder approval.
Customers Should Continue to Bank as They Normally Do
Main Street Bank will initially operate under both the Wayne Savings and Main Street Bank brands, and customers should continue to conduct business through their respective Wayne Savings and Main Street branches and websites. The combined company expects to merge its systems and services later in the second quarter of 2024 along with changing the name of the combined institutions to Main Street Bank.
Closing Details
At the effective time of the merger on May 31, 2024, each share of Wayne common stock was converted in the right to receive 1.7446 Main Street common shares, with Wayne stockholders receiving cash in lieu of fractional shares.
Advisors
Piper Sandler & Co. acted as financial advisor to Wayne and delivered a fairness opinion to the Board of Directors of Wayne. Dinsmore & Shohl LLP served as legal counsel to Wayne. Raymond James & Associates acted as financial advisor to Main Street in the transaction and delivered a fairness opinion to its Board of Directors. Jackson Kelly PLLC served as legal counsel to Main Street.
About Main Street Financial Services Corp.
Main Street Financial Services Corp. operates as the holding company for Main Street Bank Corp. 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 nineteen full-service banking locations in the communities of Wooster, Ashland, Millersburg, Rittman, Lodi, North Canton, Creston, Fredericksburg, Washingtonville, Dalton, Carrollton and Toronto, Ohio and Wheeling, Wellsburg and Moundsville, West Virginia. Main Street Financial Services Corp. was founded in 2001 and is based in Wooster, Ohio.
Contact Information:
James R. VanSickle
President and Chief Executive Officer
(330) 264-5767
FAQ
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