Wayne Savings Bancshares, Inc., the holding company of Wayne Savings Community Bank (“Wayne Savings”) and Main Street Financial Services Corp., the holding company of Main Street Bank Corp. (“Main Street Bank”), jointly announced today the closing of their previously announced merger.
Mark R. Witmer, the Executive Chairman of Main Street, the resulting institution, said, “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.”
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.
Customers Should Continue to Bank as They Normally Do
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.
Closing Details
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.
Advisors
Piper Sandler & Co. acted as financial advisor to Wayne and delivered a fairness opinion to the Board of Directors of Wayne. Dinsmore & Shohl LLP served as legal counsel to Wayne. Raymond James & Associates acted as financial advisor to Main Street in the transaction and delivered a fairness opinion to its Board of Directors. Jackson Kelly PLLC served as legal counsel to Main Street.
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