Wayne Savings Bancshares, Inc. Announces Adoption of a 5% Stock Repurchase Program

Rhea-AI Summary

Wayne Savings Bancshares, Inc. (OTCQX:WAYN) has announced a new 5% stock repurchase program, allowing for the buyback of up to 118,707 shares. The Board of Directors approved this program on December 16, 2021, as a continuation of its commitment to enhancing shareholder value. The previous repurchase program is set to be completed in Q4 2021. As of September 30, 2021, the company reported total assets of $627.6 million and stockholders’ equity of $53 million, representing 8.4% of total assets.

Positive

• Introduction of a new 5% stock repurchase program, aiming to enhance shareholder value.
• Commitment to return value through earnings, cash dividends, and stock repurchase initiatives.

Negative

• None.

WOOSTER, Ohio, Dec. 20, 2021 (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 December 16, 2021, the Board of Directors adopted a new 5% stock repurchase program authorizing the Company to repurchase up to an additional 118,707 shares.   The stock repurchase program may be limited or terminated at any time without prior notice. The previous stock repurchase program will be completed during the fourth quarter of 2021.

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 would like to thank our customers and shareholders for their continued support.”

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, 2021, Wayne Savings Bancshares, Inc. reported total assets of $627.6 million, deposits of $530.1 million, and stockholders’ equity of $53.0 million, or 8.4% 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, Fredericksburg and Washingtonville, Ohio.

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

 

FAQ

What is the new stock repurchase program for WAYN?

Wayne Savings Bancshares has introduced a new 5% stock repurchase program that allows for the buyback of up to 118,707 shares.

When was the stock repurchase program approved?

The stock repurchase program was approved by the Board of Directors on December 16, 2021.

How does the stock repurchase program impact shareholders?

The repurchase program aims to increase shareholder value by reducing the number of outstanding shares.

What were the financial metrics reported by WAYN as of September 30, 2021?

As of September 30, 2021, Wayne Savings Bancshares reported total assets of $627.6 million and stockholders’ equity of $53 million.