Wayne Savings Bancshares, the holding company of Wayne Savings Community Bank, and Main Street Financial Services, the holding company of Main Street Bank, closed their previously-announced merger.

“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,” Mark R. Witmer, the executive chairman of Main Street, the resulting institution, said. “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.

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.

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.

Piper Sandler acted as financial advisor to Wayne and delivered a fairness opinion to the board of directors of Wayne. Dinsmore & Shohl served as legal counsel to Wayne. Raymond James acted as financial advisor to Main Street in the transaction and delivered a fairness opinion to its board of directors. Jackson Kelly served as legal counsel to Main Street.