Wayne Savings Bancshares, Inc. and Main Street Financial Services Corp. Merger Finalized
WOOSTER, Ohio and WHEELING, W.Va. – Wayne Savings Bancshares, Inc. (OTCQX: WAYN) and Main Street Financial Services Corp. (OTCPK: MSWV) have successfully completed their merger, creating a stronger institution for their customers.
The merger, which was announced on March 15, 2024, received all necessary bank regulatory approvals and was finalized on May 31, 2024, following Wayne shareholder approval on May 10, 2024.
Mark R. Witmer, the Executive Chairman of Main Street, expressed his excitement about the merger, stating, “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.”
Customers of both Wayne Savings and Main Street Bank are advised to continue banking as they normally do. Main Street Bank will operate under both brands initially, with plans to merge systems and services in the second quarter of 2024 and change the name to Main Street Bank.
At the time of the merger, each share of Wayne common stock was converted to 1.7446 Main Street common shares, with Wayne stockholders receiving cash in lieu of fractional shares.
Financial advisors Piper Sandler & Co. and Raymond James & Associates, along with legal counsels Dinsmore & Shohl LLP and Jackson Kelly PLLC, played key roles in facilitating the merger.
Main Street Financial Services Corp., the holding company for Main Street Bank Corp., provides a wide range of personal and business banking products and services. The company operates nineteen full-service banking locations across Ohio and West Virginia.
For more information, contact James R. VanSickle, President and Chief Executive Officer at (330) 264-5767.