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WAYN > SEC Filings for WAYN > Form 8-K on 21-Nov-2012All Recent SEC Filings




Other Events

Item 8.01 Other Events

As previously disclosed by Wayne Savings Bancshares, Inc. in a Form 8-K Current Report filed with the SEC on July 5, 2012 and in a Form 8-K Current Report filed with the SEC on September 26, 2012, Wayne Savings Community Bank, Wayne Savings Bancshares, Inc.'s wholly owned savings and loan association subsidiary (the "Bank"), entered into a Transfer and Assumption Agreement with Thomasville National Bank ("TNB"), the national bank subsidiary of Thomasville Bancshares, Inc., providing for the transfer of all of the Bank's fiduciary accounts (related to its trust business) to TNB.

The transaction closed as expected on November 15, 2012. The Bank expects to surrender its trust license to the Ohio Division of Financial Institutions ("ODFI") after the ODFI confirms that the Bank has satisfied the conditions for ceasing to conduct trust business.

Under terms of the Transfer and Assumption Agreement, TNB will maintain a trust office in a Wayne Savings office in Wooster, Ohio, and the Bank will be compensated for, among other services, the use of facilities and equipment required for the operation of the TNB trust office. The costs of exiting the trust business include a one-time expense of approximately $334,000 that was recognized during the quarter ended June 30, 2012. The Bank received no consideration and there is no gain or loss on the transfer other than the one-time expense noted above.

Item 9.01(d) Exhibits

Exhibit Number Description

10.2.1         Addendum to the November 30, 2006 Wayne Savings Community Bank
               Amended and Restated Employment Agreement with H. Stewart Fitz
               Gibbon III

10.3.1         Addendum to the January 15, 2011 Wayne Savings Community Bank
               Employment Agreement with Rod C. Steiger

10.6           Amended and Restated Employment Agreement dated November 20, 2012
               between Wayne Savings Community Bank and Joel D. Beckler

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