Wayne Savings Bancshares Inc. of Wooster, Ohio, announced a $1 million loss Thursday for its fiscal fourth quarter, which ended March 31.
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A year earlier the $404 million-asset company reported an $800,000 profit for the same period.
Wayne attributed the loss to expenses associated with expanding its products and services. In the quarter it hired a chief lending officer to expand its loan portfolio and established a trust department. Wayne is also implementing Internet banking and online bill payment.
Charles Finn, Wayne's chairman and chief executive officer, said these expenses would reduce long-term costs and improve efficiency.
