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CST: 18/11/2019 06:29:15   

Wayne Savings Announces 2019 Annual Meeting Voting Results

202 Days ago

WOOSTER, Ohio, April 29, 2019 (GLOBE NEWSWIRE) -- On April 25, 2019, Wayne Savings Bancshares, Inc. (OTCQX: WAYN) (the “Company”) held its 2019 Annual Meeting of Stockholders (the “Annual Meeting”). The 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 2022 annual meeting of stockholders.

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:

Nominee For Withheld Broker Non-Votes
Jonathan Ciccotelli 1,475,003 140,376 705,963
Peggy J. Schmitz 1,490,188 125,191 705,963

Proposal 2: Vote on amendment to decrease the number of authorized shares of common stock

According to the final report of the inspector of election tabulation voting results, stockholders approved the vote to decrease the number of authorized shares of common stock from 9,000,000 shares to 5,000,000 shares.  The final report of the inspector of elections tabulation of voting results is set forth below:

For Against Abstain Broker Non-Votes
2,221,296 72,606 27,440

Proposal 3: 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:

For Against Abstain Broker Non-Votes
1,410,207 90,732 114,440 705,963

Proposal 4: Advisory vote on frequency of executive compensation vote.

According to the final report of the inspector of election tabulation voting results, stockholders adopted the advisory (non-binding) resolution to approve the frequency of the vote on the Company’s executive compensation for a “1 Year” frequency, as described in the Company’s proxy statement, by the votes indicated below:

1 Year 2 Year 3 Year Abstain Broker Non-Votes
1,404,712 54,786 38,802 117,079 705,963

Proposal 5: To ratify the appointment of BKD, LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2019.

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, 2019, by the votes indicated below:

For Against Abstain Broker Non-Votes
2,265,828 38,028 17,486

President and CEO James VanSickle commented on the results, “We appreciate the support of our shareholders for voting with the recommendations for every proposal this year.  2018 was the best year in the history of the Company and we are excited for our opportunities in 2019 and beyond.”

Board Chair Peggy Schmitz echoed VanSickle’s appreciation for the shareholder support, and added, “The Board feels strongly that the Company is headed in the right direction and will continue to work hard to maximize shareholder value through strong leadership, the diligent support of our staff and excellent customer relationships.”

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, 2018. 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

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