Wayne Savings Bancshares, Inc. Announces the Election of Rod C. Steiger as President and Chief Executive Officer

/ Source: GlobeNewswire

WOOSTER, Ohio, Oct. 5, 2010 (GLOBE NEWSWIRE) -- Wayne Savings Bancshares, Inc. (Nasdaq:WAYN), the holding company parent of Wayne Savings Community Bank, announced that the Board of Directors has appointed director Rod Steiger to the positions of President and Chief Executive Officer of both the Company and the Bank, effective January 15, 2011. Phillip E. Becker, Director, President and Chief Executive Officer of both the Company and the Bank will retire on January 14, 2011.

Mr. Steiger has been in health care the past five years, currently serving as Director, President, and Chief Executive Officer of The Orrville Hospital Foundation dba Dunlap Community Hospital, Orrville, Ohio. He previously spent many years in banking, most recently as Chief Executive Officer of The Savings Bank and Trust Company in Orrville, Ohio.  Mr. Steiger joined the Boards of Wayne Savings Bancshares, Inc. and Wayne Savings Community Bank in February 2008 and currently serves as Chairman of the Audit Committee. Mr. Steiger will continue as a director of both the Company and the Bank.

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, Executive Vice President, Chief Financial Officer (330) 264-5767