WOOSTER − Wayne Savings Community Bank is set to change its name, adopt a new board and expand its reach into West Virginia following a merger of equals with Main Street Financial Services Corp.

According to a Wayne Savings press release, the combined community bank will have over $1.3 billion in assets once the deal is finalized later this year.

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Despite this major announcement, most changes will impact the administrative level, President and CEO of Wayne Savings Bank James VanSickle said. Customers can still expect local, community-focused banking.

"There won't be a lot of major changes for folks," said VanSickle, who will be the president and CEO of the combined bank. "It should be a seamless transition for people."

The only major change customers should notice is the new name — Main Street Bank Corp.

From Wayne Savings to Main Street

The deal was a merger of equals. This occurs when two entities agree to form a single company, splitting the combined shares and responsibilities roughly in half, he explained.

In this case, shareholders for Wayne Savings will hold roughly 52.5% of the combined shares while Main Street will get the remaining 47.5%, according to the press release.

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Wayne Savings Community Bank will be renamed Main Street Bank Corp., but its headquarters will remain in Wooster while it operates under the Wayne Savings Community Bank charter of 1899.

With 13 Wayne Savings and five Main Street locations, the new entity will have a total of 18 branches and plenty of room to expand between Wayne County and Wheeling, located nearly 113 miles to the southeast.

The two banks employ over 180 people, VanSickle said. Because no branches overlap, that number should remain roughly the same.

"We are not expecting any significant changes in the staffing structure," he said of both banks.

New Board of Directors and new growth

A combined Board of Directors will include seven directors from Wayne and six from Main Street, according to the release.

Mark Witmer, Wayne's executive chairman, will serve as the combined company executive chairman. Main Street's Chairman Nicholas Sparachane will serve as the combined company vice chairman.

The ultimate goal of the merger is to expand both banks' reach while retaining their local focus, said President and CEO of Main Street Richard Lucas in a prepared statement.

“We are excited to partner with Wayne Savings Community Bank with whom we share a service culture, community-minded focus and a commitment to our shareholders," Lucas said. "This combination is a true merger-of-equals, bringing together two high-performing community banks which better positions us to serve our collective customers."

The banks estimate Wayne Savings will grow by about 16% while Main Street could grow by 40% based on earnings per share on an exchange ratio-adjusted basis, excluding merger changes.

"I see the merger this way: Alone, we could expand to a new market or town every other year," VanSickle said. "Together, we can expand once every year."

What should Wayne Savings customers expect?

In short, not much should change for Wayne Saving Community Bank customers, he said. If anything, it could benefit existing customers.

"We'll be a bit larger, so we will be able to offer a higher lending limit," VanSickle said.

The merger also means customers can access their accounts at Main Street locations in West Virginia and any new branches that open in the coming years.

For VanSickle, this announcement means a continued focus on smaller, local communities.

When big banks leave small towns, he said, "that's where we come in to fill in the gap."

The lack of a local bank is what drove Main Street's founders to enter the world of banking 20 years ago, VanSickle said.

"They've done such a great job in Wheeling and the surrounding area," he said. "We've found a group of people who want to invest in local communities."

This article originally appeared on The Daily Record: Wayne Savings Community Bank merging with Main Street Financial