Savings

Wayne Savings Bancshares, Inc. announces changes to the

WOOSTER, Ohio, April 05, 2022 (GLOBE NEWSWIRE) — Wayne Savings Bancshares, Inc. (OTCQX: WAYN), (the “Company”), the parent company of Wayne Savings Community Bank (the “Bank”), aa announced the appointment of Lance J. Ciroli as a director of Wayne Savings Bancshares, Inc. and its wholly owned subsidiary Wayne Savings Community Bank at the 2022 Annual Meeting to be held on April 28, 2022.

Mr. Ciroli worked in the Office of the Comptroller of the Currency (OCC) of the US Treasury for 33 years. At the time of his retirement from the OCC in 2008, Mr. Ciroli was Assistant Deputy Controller responsible for the Cleveland, Ohio and Detroit, Michigan offices for the OCC. Mr. Ciroli joined the board of a local community bank in October 2010. He then served as Chairman of the Board from October 2011 until his retirement in April 2021. Upon retirement, he was also a member of the Management Committee, Audit Committee and Chairman of the Enterprise Risk Management Committee. Mr. Ciroli commented: “After being away from banking for a year, I missed my participation more than I thought. When I had the opportunity to join two bankers I’ve worked with in the past, Mark Witmer and Jay VanSickle, and two guys I have a lot of respect for; I took it. Also, let’s not forget the bank itself. The bank is in very good condition, located in a very good market with a lot of potential. I can’t wait to get started and contribute in any way I can.

David L. Lehman, Chairman of the Nominating and Corporate Governance Committee, commented, “The definition of a community is a group of people with a common characteristic or interest living together within a larger society; a unified body of individuals.

“Community banks tend to be a key part of a stable and growing community. A community bank pools community resources so they can be invested in community improvements. Being relevant in a community is an essential key to the success of a community bank’s impact in a community. With that in mind, we are extremely pleased to be able to announce the addition of Lance Ciroli to the Wayne Savings Community Bank Board of Directors. Lance’s knowledge, experience and commitment to community banking adds real value as Wayne Savings continues to seek to stay relevant and add value to the communities we serve. Lance will add a unique perspective to our focus on history and success as we grow very strategically while remaining a strong and financially stable community bank.

Mark R. Witmer, Executive Chairman of the Board, said, “We are extremely excited to have Lance join our team. He brings with him considerable experience as a leader in the banking industry and will be an excellent resource for the board and management of the bank. I appreciate Lance’s experience and knowledge working with many financial institutions and have often incorporated his advice on best practices in various areas during my career. He is a former regulator with an entrepreneurial spirit who will focus on the future and strategies to grow our business. »

Founded in 1899, Wayne Savings Community Bank, a 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. As of December 31, 2021, Wayne Savings Bancshares, Inc. reported total assets of $636.0 million, deposits of $540.5 million and shareholders’ equity of $53.6 million, or 8.4% of total assets.

Statements in this press release that are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause different actual results. substantially from those currently projected due to a number of factors. Factors that could cause material variations include, but are not limited to, changes in interest rates which may affect net interest margins and net interest income, competitive factors which may affect the net interest income and non-interest income, changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality, general economic conditions and other factors discussed in documents filed by the Company from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which these statements were made.

Contact:

Wayne Savings Bancshares, Inc.
James R. VanSickle, II
President and CEO
330-264-5767