UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________
Form 8-K
_____________________
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event Reported): September 22, 2016
Wayne Savings Bancshares, Inc.
(Exact Name of Registrant as Specified in Charter)
| DELAWARE | 000-23433 | 311557791 |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification Number) |
| 151 N. Market St, Wooster, Ohio 44691 |
| (Address of Principal Executive Offices) (Zip Code) |
(330) 264-5767
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |
Item 7.01. Regulation FD Disclosure.
On September 22, 2016, the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated September 22, 2016
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Wayne Savings Bancshares, Inc. | ||
| Date: September 22, 2016 | By: | /s/ H. Stewart Fitz Gibbon III |
| H. Stewart Fitz Gibbon III | ||
| President and CEO | ||
EXHIBIT 99.1
Wayne Savings Bancshares, Inc. Declares Quarterly Dividend and Adoption of Stock Repurchase Program
WOOSTER, Ohio, Sept. 22, 2016 (GLOBE NEWSWIRE) -- Wayne Savings Bancshares, Inc. (NASDAQ:WAYN), (the “Company”), the holding company parent of Wayne Savings Community Bank (the “Bank”), has declared a cash dividend of $0.09 per share of the Company’s common stock for the quarter ending September 30, 2016. This represents an annualized dividend of $.36 per share. The quarterly cash dividend will be paid on October 26, 2016 to stockholders of record as of October 12, 2016.
Wayne Savings Bancshares, Inc. (NASDAQ:WAYN) (the “Company”), the holding company parent of Wayne Savings Community Bank (the “Bank”), also announced today that its Board of Directors has adopted a new stock repurchase program. Under the new stock repurchase program, the Company is authorized to repurchase up to 69,546 shares, or 2.5% of its issued and outstanding shares of common stock. The new stock repurchase program may be limited or terminated at any time without prior notice.
Under the new stock repurchase program, the Company may acquire shares of its common stock in the open market or in any private transaction, from time-to-time and in accordance with applicable laws, rules and regulations. The timing and extent to which the Company repurchases its shares will depend upon management’s assessment of market conditions and other corporate considerations as may be considered in the Company’s sole discretion.
At June 30, 2016, Wayne Savings Bancshares, Inc. reported total assets of $449.2 million, deposits of $376.9 million, and stockholders’ equity of $41.3 million, or 9.18% of total assets.
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.
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 with the Securities and Exchange Commission 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.
H. Stewart Fitz Gibbon III
President and Chief Executive Officer
330-264-5767