On January 16, 2018, Wayne Savings Bancshares, Inc. sent a letter to its stockholders concerning the nomination of a candidate to the Board of Directors of the Company by Stilwell Activist Investments, L.P. and its affiliates. In the letter, the Company expressed its view that Stilwell Activist has initiated the proxy contest to satisfy its own limited agenda of forcing the sale of the Company. The Company stated that its current Board members have been working toward a common goal of creating significant long-term shareholder value driven by consistent and profitable growth.