February 27, 2023
Wayne Savings Bancshares, Inc. Investigation
We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Wayne Savings Bancshares, Inc. (“Wayne” or the “Company”) (OTC: WAYN), in connection with its proposed merger with Main Street Financial Services Corp. (OTC: MSWV) (“Main Street”). Under the merger agreement, the Company’s shareholders will receive 1.7446 shares of Main Street common stock for each Wayne share, representing implied per-share consideration of $32.23 based on Main Street’s February 24, 2023 closing price of $19.05.
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