An investor group that includes Stilwell Value LLC reiterated its belief that Wayne Savings Bancshares Inc. should be sold, according to an amended Schedule 13D filed June 5.
The Joseph Stilwell-led investment group said in the ownership filing that during the recent proxy campaign, "the board never proposed a plan to achieve even mediocre performance."
The group's nominee to the board of the Wooster, Ohio-based company — Stephen Burchett — was not elected. But the group said it intends to seek board representation at next year's annual meeting if Wayne Savings Bancshares is not sold.
In the amended Schedule 13D, Stilwell reported beneficial ownership of 269,853 Wayne Savings Bancshares shares, or a 9.7% stake, based on the company's 2,781,839 outstanding shares as of April 30.