Wayne Savings Bancshares, Inc. Announces 2024 Special Meeting Voting Results

Rhea-AI Summary

Wayne Savings Bancshares, Inc. announced the results of the 2024 special meeting where shareholders approved the merger with Main Street Financial Services Corp. Voting results showed a 95% approval rate for the merger agreement, indicating strong shareholder support. President and CEO James VanSickle expressed satisfaction with the outcome, highlighting the commitment to community banking.

Positive

• Strong shareholder approval rate of 95% for the merger agreement signals robust support for the company's strategic decisions.

• Positive response from shareholders reflects confidence in the company's direction and future prospects.

Negative

• None.

WOOSTER, Ohio, May 10, 2024 (GLOBE NEWSWIRE) -- On May 7, 2024, Wayne Savings Bancshares, Inc. (OTCQX: WAYN) (the “Company”) shareholders approved the agreement for the merger of Wayne Savings Bancshares, Inc. and Main Street Financial Services Corp. The inspector of elections delivered its final report of voting results for each of the matters submitted to a vote.

Proposal 1: To adopt and approve the Agreement and Plan of Merger.

According to the final report of the inspector of election tabulation voting results, stockholders have adopted and approved the Agreement and Plan of Merger dated as of February 22, 2023, by and between Wayne Savings Bancshares, Inc. and Main Street Financial Services Corp. as amended by that certain First Amendment to the Agreement and Plan of Merger dated as of July 25, 2023. The final report of the inspector of elections tabulation of voting results is set forth below:

For	Against	Abstain	Broker Non-Votes
1,287,468	59,357	11,416	-

Proposal 2: To approve the adjournment of the special meeting.

According to the final report of the inspector of election tabulation of voting results, stockholders approve the adjournment of the special meeting to adopt and approve the Merger Agreement, by the votes indicated below:

For	Against	Abstain	Broker Non-Votes
1,304,208	40,801	13,231	-

President and CEO James VanSickle commented on the results, “We are pleased with the enthusiastic response of our shareholders with 95% of the voted shares approving the merger. I would like to thank our shareholders for supporting the opportunity to partner with another organization that is committed to preserving the tradition of community banking.”

Forward-Looking-Statements
This release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) that reflect management’s current assumptions and estimates of future economic circumstances, industry conditions, Company performance and financial results. A variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results, including, but not limited to the factors noted in this letter and in the Management’s Discussion and Analysis in our most recent Annual Report for the year ended December 31, 2023. The forward-looking statements in this letter speak only as to the date of this release. Wayne Savings Bancshares, Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations upon which such statements are based.

Contact Information:
James R. VanSickle
President and Chief Executive Officer
(330) 264-5767