Wayne Savings Bancshares Inc. Announces Executive Changes
May 30, 2012 at 03:46 pm
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Wayne Savings Bancshares Inc. announced the changes in responsibilities on the boards of directors and management for the Company and the Bank. Peggy J. Schmitz has been elected Chair of the Board of Directors of Wayne Savings Bancshares Inc., succeeding James C. "Cy" Morgan II, who retired from the Boards of the Company and the Bank following the May 24, 2012 meeting of shareholders after reaching the Company's mandatory retirement age. Ms. Schmitz, a director since 2008, will also chair the Board's Executive Committee. Jonathan Ciccotelli, CPA, has been elected Lead Director of the Board of Directors of Wayne Savings Bancshares Inc. and Wayne Savings Community Bank. Mr. Ciccotelli has been a director since 2010 and has served and will continue to serve as chair of the Company's Audit Committee. David L. Lehman and Glenn W. Miller, CPA, have been elected as directors of both Wayne Savings Bancshares Inc. and Wayne Savings Community Bank. Mr. Lehman will chair the Nominating and Corporate Governance Committee and will join the Compensation Committee. Mr. Miller will join the Audit and Compensation Committees. Rod C. Steiger has been elected Chair of the Board of Directors of Wayne Savings Community Bank. Mr. Steiger will continue as Chief Executive Officer of Wayne Savings Community Bank and as President and Chief Executive Officer of Wayne Savings Bancshares Inc. Mr. Steiger has been a director of both the Company and the Bank since 2008 and became President and CEO of both entities in January 2011. H. Stewart Fitz Gibbon III has been appointed President of Wayne Savings Community Bank and elected to a three year term as a director of the Bank. He will continue as Chief Operating Officer, Chief Risk Officer, Corporate Secretary and Treasurer of both the Company and the Bank. Mr. Fitz Gibbon joined the Company and the Bank in September 2005 as Chief Financial Officer, Corporate Secretary and Treasurer. He assumed responsibility as Chief Operating Officer and Chief Risk Officer of the Company and the Bank in May 2011.
Wayne Savings Bancshares, Inc. operates as the holding company for Wayne Savings Community Bank (the Bank) that provides personal and business banking products and services to individuals, businesses, and other organizations. The Company offers checking, savings, money market, and term certificate accounts, as well as certificates of deposit. It also provides residential mortgage, commercial, installment, residential and nonresidential real estate, commercial real estate, residential construction, multi-family real estate, land, commercial business, consumer, home, home equity, auto, recreational vehicle, personal, furniture and appliance, agriculture, and term loans, as well as lines of credit, government guaranteed programs, and standby letters of credit. In addition, the Bank offers financial planning, retirement planning, investment advisory, insurance, and wealth management and trust services. It operates in approximately 13 banking locations.