Wayne Savings, Main Street Bank Receive Regulatory Approval for Merger
Derek Redd Trending
Wayne Savings Bancshares, Inc., the holding company of Wayne Savings Community Bank and Main Street Financial Services Corp., the holding company of Main Street Bank Corp., jointly announced today that approval has been received from the Federal Reserve Bank, The Federal Deposit Insurance Corp., the Ohio Division of Financial Institutions, and the West Virginia Board of Banking and Financial Institutions for the merger of Wayne with and into Main Street followed by the merger of Main Street Bank Corp. 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," stated Mark Witmer, Executive Chairman of Wayne. "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 February 23, 2023, and is expected to close in the second quarter of 2024 pending the satisfaction of all closing considerations, including shareholder approval of both companies.
According to a release from the original announcement of the merger, the merged banks will operate together under the Main Street Bank brand. Main Street's branches in Wheeling, Wellsburg, Moundsville and Toronto, Ohio, will join with Wayne's branches in Wooster, Ashland, Millersburg, Rittman, Lodi, North Canton, Creston, Fredericksburg, Washingtonville and Dalton, Ohio.
Main Street Bank President Rich Lucas, Wayne President and CEO James R. VanSickle III, Witmer and Nicholas A. Sparachane, Main Street's current Chairman, all will remain with the company, though their roles have yet to be defined.