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.  Upon completion of the transaction, Main Street shareholders will own 47.5% of the combined company, and Wayne shareholders will own 52.5% of the combined company.  The transaction is valued at approximately $68 million.

Weiss Law is investigating whether (i) Wayne’s board of directors acted in the best interests of Company shareholders in agreeing to the proposed transaction, (ii) the merger consideration adequately compensates Wayne shareholders, and (iii) all information regarding the sales process and valuation of the transaction will be fully and fairly disclosed.