Wayne Savings Bancshares, Inc. Announces Changes in the Board of Directors
WOOSTER, Ohio, April 05, 2022 (GLOBE NEWSWIRE) -- Wayne Savings Bancshares, Inc. (OTCQX:WAYN), (the “Company”), the holding company parent of Wayne Savings Community Bank (the “Bank”), has announced the nomination of Lance J. Ciroli as a director of both 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 was employed with the Office of the Comptroller of the Currency (OCC), U.S. Treasury for 33 years. At the time of his retirement from the OCC in 2008, Mr. Ciroli was the Assistant Deputy Comptroller responsible for both the Cleveland, Ohio and Detroit, Michigan offices for the OCC. Mr. Ciroli joined the Board of Directors of a local community bank in October 2010. He then served as the Chairman of the Board from October 2011 until his retirement in April 2021. At the time of his retirement, he was also a member of the Executive Committee, Audit Committee and chaired the Enterprise Risk Management Committee. Mr. Ciroli commented, “After being away from banking for a year I missed being involved more than I thought I would. When the opportunity to rejoin two bankers I worked with in the past, in Mark Witmer and Jay VanSickle, and two guys I have great respect for; I took it. Also, let’s not overlook the bank itself. The bank is in great condition, located in a very good market with a lot of upside. I look forward to getting started and contributing in any way that I can.”
David L. Lehman, Chairman of the Nominating and Corporate Governance Committee commented, “The definition of 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 element of a stable and growing community. A community bank draws the community resources together so they can be invested in community improvements. Being relevant in a community is a critical key to the success of a community bank’s impact in a community. With this 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 remain relevant and add value to the communities we serve. Lance will add a unique perspective to our focus on the history and success as we grow very strategically while remaining a strong, financially stable community bank.”
Mark R. Witmer, Executive Chairman of the Board of Directors stated, “We are extremely excited that Lance is joining our team. He brings with him considerable experience as a leader in the banking industry and will serve as an excellent resource for both the Board and bank management. I appreciate Lance’s experience and knowledge working with many financial institutions and have often incorporated his best practice advice in a variety of areas during my career. He is a former regulator with an entrepreneurial spirit who will focus on the future and strategies to grow our businesses.”
Established in 1899, Wayne Savings Community Bank, the 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. At December 31, 2021, Wayne Savings Bancshares, Inc. reported total assets of $636.0 million, deposits of $540.5 million, and stockholders’ equity of $53.6 million, or 8.4% of total assets.
Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company's market area; changes in asset quality, general economic conditions as well as 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 such statements were made.
Contact:
Wayne Savings Bancshares, Inc.
James R. VanSickle, II
President and Chief Executive Officer
330-264-5767