Wayne Savings Announces Annual Meeting Voting Results, Defeats Stilwell for Second Consecutive Year

WOOSTER, Ohio, April 24, 2018 -- On April 20, 2018, Wayne Savings Bancshares, Inc. (OTCQX:WAYN) (the “Company”) held its 2018 Annual Meeting of Stockholders (the “Annual Meeting”). On April 24, 2018, the independent inspector of elections delivered its final report of voting results for each of the matters submitted to a vote.

Proposal 1: To elect two (2) directors to serve until the 2021 annual meeting of stockholders.

Under plurality voting, the two nominees who receive the most “FOR” votes are elected as directors. The final report of the inspector of elections tabulation of voting results is set forth below:

Board of Directors Nominees:

Opposition Nominee:

Proposal 2: Advisory vote on executive compensation.

According to the final report of the inspector of election tabulation voting results, stockholders adopted the advisory (non-binding) resolution to approve the Company’s executive compensation, as described in the Company’s proxy statement, by the votes indicated below:

Proposal 3: To ratify the appointment of BKD, LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2018.

According to the final report of the inspector of election tabulation of voting results, stockholders ratified the appointment of BKD, LLP as independent registered public accounting firm for the year ending December 31, 2018, by the votes indicated below:

Chair Peggy J. Schmitz commented on the results, “We thank WAYN shareholders for their continued participation and support during this year’s proxy contest.  The significant margin of victory over the Stilwell Group’s board nominee is a message that the shareholders believe in the Company’s ability to deliver long-term value for all shareholders under the leadership of the current board and management.”

President and CEO James VanSickle also commented, “During the past few months, we have had the opportunity to discuss WAYN’s performance with many of our shareholders, solicit feedback and share our strategic vision for the future. We are encouraged by the support of our shareholders and energized about our opportunities as a community bank. I would like to acknowledge the relentless focus and tireless effort over the last several months throughout the organization.”

Forward-Looking-Statements
This release contains forward-looking statements (as that term is defined in the Private Securities Litigation Reform Act of 1995) that reflect management’s current assumptions and estimates of future economic circumstances, industry conditions, Company performance and financial results. A variety of factors could cause the Company’s actual results and experience to differ materially from the anticipated results, including, but not limited to the factors noted in this letter and in the Management’s Discussion and Analysis in our most recent Annual Report for the year ended December 31, 2017. The forward-looking statements in this letter speak only as to the date of this release. Wayne Savings Bancshares, Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to such statements to reflect any change in its expectations upon which such statements are based.

Contact Information:
James R. VanSickle
President and Chief Executive Officer
(330) 264-5767