Wayne Savings Community Bank

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About

Name

• Wayne Savings Community Bank

Finance and Insurance

• Banks and Credit Unions

Facts

Founded

• 1899
  ^Wooster,Ohio

Related

Key Persons

Location

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• Riffel
  • 543 Riffel Rd., Wooster, 44691, Ohio, United States
• Rittman branch
  • 237 N. Main St., Rittman, 44270, Ohio, United States
• Market Street branch
  • 151 N. Market St., Wooster, 44691, Ohio, United States
• Cleveland Road branch
  • 1908 Cleveland Rd., Wooster, 44691, Ohio, United States
• 2024 Millersburg Rd., Wooster, 44691, Ohio, United States
• Creston branch
  • 121 N. Main St., Creston, 44217, Ohio, United States

In 1899, The Wayne Building and Loan Company was incorporated as a savings and loan "to bring together the people with money to save and the people who wanted homes". The office was located on the northeast corner of Public Square in an office shared with Jesse McClellan and J. G. Sanborn. By the end of 1899, the business had 241 savings depositors and a healthy annual statement of earnings.

In 1902, the Directors voted to purchase the lot on the southeast corner of North Market and North Streets at a cost of $900. A two-story building was completed in 1903 and remains an important part of the present Wayne Savings building today. An additional lot was purchased in 1912 for a building addition of buff brick and terra cotta trim, including a fireproof vault, constructed by Long & Bogner of Wooster.

The Great Depression led to lean years for the Wayne Building and Loan Company. The Company's June 30, 1930 statement sought to reassure customers that "All money deposited with the Company is loaned only on first mortgage security, and in the future as in the past it will be a continued policy of The Wayne to place SECURITY FIRST in the conduct of its business". In 1932, for the first time, The Wayne had to lower their dividend below 6 per cent to 5 per cent per annum as well as to require withdrawal notice. The company's assets slowly dwindled through the 1930s until hitting a low point in 1943, but as the nation began to prosper again, so too did The Wayne, and by 1947 the company was able to state in the annual letter to stockholders that The Wayne had nearly doubled in three years' time.

The 1960s saw many changes and much growth for The Wayne. In 1961, the company announced its membership in the Federal Savings and Loan Insurance Corporation. In 1964, the company changed its name to The Wayne Savings & Loan Company, and the offices on North Market Street were remodeled (completed in 1965). The first branch office, in Millersburg, opened in 1964 and became the first branch with a drive-thru window. Branches also opened in Ashland (1968), Barberton (1969), Rittman (1972), a drive-thru in downtown Wooster (1974), Cleveland Road in Wooster (1978), and Lodi (1980).

In 1993, Wayne Savings completed a reorganization from a mutual institution to a stock owned company, with the sale of 600,000 shares of common stock to approximately 850 depositors. The stock is traded on the NASDAQ stock exchange under the symbol WAYN.

The original building underwent renovations again in 1996-97, and a new financial center opened on Cleveland Road. In 1997, the company changed its name again, this time to Wayne Savings Community Bank.

Branches are located inside and outside of Wayne County.

Slogan

• 1930s: Founded on Confidence!

Quick Facts

• 1899: The Wayne Building and Loan Company is incorporated
• 1902: Directors vote to purchase lot on corner of North Market and North Streets to build new offices
• 1903: Building completed
• 1911: Semi-Annual Statement shows assets over $1,000,000 for the first time
• 1912: Adjoining lot purchased for expansion of the building
• 1917: New building addition opened
• 1961: Company joins the Federal Savings & Loan Insurance Company
• 1964: Company name changed to The Wayne Savings and Loan Company
• 1964: Main office remodeled
• 1964: First branch (Millersburg) opens
• 1993: Wayne Savings becomes stock owned company
• 1996-97: Main office remodeled
• 1997: Company name changed to Wayne Savings Community Bank