Wayne Savings Bancshares (WAYN) in Wooster, Ohio, is exiting the trust business and transferring its $40 million of trust assets to Thomasville Bancshares in Georgia.
Under terms of the agreement struck Monday and announced in a Securities and Exchange Commission filing Thursday, Thomasville will maintain a trust office in a Wayne Savings branch and Wayne would receive fees for leasing the space and referring clients to Thomasville.
Thomasville is the parent of Thomasville National Bank, which has $478 million of assets and three branches in Georgia
The $409 million-asset Wayne said that exiting the trust business would result in a one-time, $362,000 charged to earnings. The transaction is expected to close by the end of this quarter.