Regulatory Authorities Approve Merger of Wayne Savings Community Bank and Main Street Bank

Wayne Savings Bancshares, the holding company of Wayne Savings Community Bank, and Main Street Financial Services, the holding company of Main Street Bank, have received approval from the Federal Reserve Bank, the Federal Deposit Insurance Corporation, the Ohio Division of Financial Institutions and the West Virginia Board of Banking and Financial Institutions for the merger of Wayne Savings Bancshares with and into Main Street Financial Services followed by the merger of Main Street Bank 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,” Mark Witmer, executive chairman of Wayne Savings Bancshares, said. “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 Feb. 23, 2023, and is expected to close in Q2/24, pending the satisfaction of all closing considerations, including shareholder approval of both companies.

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