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Wayne Savings Cuts Dividend 58 Percent

The Associated Press

WOOSTER, Ohio (AP) — Wayne Savings Bancshares Inc., parent of Wayne Savings Community Bank, declared a cash dividend of 5 cents per share Friday, a 58 percent drop from the previous quarter.

It will be paid April 29 to stockholders on record as of April 15.

In a statement, Chief Executive Phillip Becker said the board decided to cut the dividend to preserve cash "in light of the troubling economic conditions and the corresponding negative impact on asset quality and earnings" among other factors.

The company expects the move to save $841,000 annually.