Transfer and Assumption Agreement	6 Months Ended
Jun. 30, 2012
Notes to Financial Statements
Transfer and Assumption Agreement	Note 12: Transfer and Assumption Agreement On July 2, 2012, the Bank entered into a Transfer and Assumption Agreement with Thomasville National Bank (“TNB”), the national bank subsidiary of Thomasville Bancshares, Inc. headquartered in Thomasville, Georgia. The agreement provides for the transfer of the Bank’s trust business to TNB. As of June 30, 2012, the Bank had approximately $41 million in trust account assets. Under terms of the agreement, TNB will maintain a trust office in a Wayne Savings branch or office in Wooster, Ohio. The Bank and TNB will also enter into an office support and referral agreement under which the Bank will be compensated for, among other services, the use of facilities and equipment required for the operation of the TNB trust office. The costs of exiting the trust business include a one-time expense of approximately $334,000. Assuming regulatory approval and closing of the transaction, expected about the end of the third quarter of 2012, the Bank will surrender its trust license to the Ohio Department of Financial Institutions. The bank received no consideration and there is no gain or loss on the transfer other than the one-time expense noted above. The strategic rationale for this transaction is to partner with a stronger provider of trust services, who will absorb the operating expense overhead and assume the fiduciary risk associated with post-closing management of the trust accounts.

Transfer and Assumption Agreement

6 Months Ended

Jun. 30, 2012

Note 12: Transfer and Assumption Agreement

On July 2, 2012, the Bank entered into a Transfer and Assumption Agreement with Thomasville National Bank (“TNB”), the national bank subsidiary of Thomasville Bancshares, Inc. headquartered in Thomasville, Georgia. The agreement provides for the transfer of the Bank’s trust business to TNB. As of June 30, 2012, the Bank had approximately $41 million in trust account assets.

Under terms of the agreement, TNB will maintain a trust office in a Wayne Savings branch or office in Wooster, Ohio. The Bank and TNB will also enter into an office support and referral agreement under which the Bank will be compensated for, among other services, the use of facilities and equipment required for the operation of the TNB trust office. The costs of exiting the trust business include a one-time expense of approximately $334,000. Assuming regulatory approval and closing of the transaction, expected about the end of the third quarter of 2012, the Bank will surrender its trust license to the Ohio Department of Financial Institutions. The bank received no consideration and there is no gain or loss on the transfer other than the one-time expense noted above.

The strategic rationale for this transaction is to partner with a stronger provider of trust services, who will absorb the operating expense overhead and assume the fiduciary risk associated with post-closing management of the trust accounts.