Wooster, Ohio-based Wayne Savings Bancshares, Inc., is delisting its common stock from the NASDAQ Capital Market and withdrawing the registration of its common stock with the SEC. The holding company is parent of Wayne Savings Community Bank , an Ohio-chartered commercial bank headquartered in Wooster.
The company expects the last trading day of its shares of common stock on the NASDAQ Capital Market will be on or about November 17. Following NASDAQ delisting, the Company expects its shares will be quoted on the OTCQX Market under the symbol “WAYN” beginning on or about November 20.
As a bank holding company, Wayne Savings is eligible to deregister with the SEC because it has fewer than 1,200 stockholders of record. The decision to delist and deregister its common stock was based on numerous factors, including the significant cost savings of no longer filing periodic reports with the SEC plus reductions in accounting, audit, legal and other costs. The company’s financial statements will continue to be audited by an independent accounting firm, and it intends to publish quarterly and annual financial information via press releases or by postings on the OTCQX website and the bank’s website.
Established in 1899, Wayne Savings Community Bank, the wholly owned subsidiary of Wayne Savings Bancshares, Inc., has eleven full-service banking locations in the communities of Wooster, Ashland, Millersburg, Rittman, Lodi, North Canton and Creston, Ohio.