Ohio community bank fires CEO one year post merger
Jay R. VanSickle II was fired by Main Street Bank almost exactly one year after Wayne Savings Community Bank merged with Main Street last May.
Main Street Bank in Wooster, Ohio, last week fired its president and CEO, Jay R. VanSickle II, who held the position for just one year.
VanSickle was previously president and CEO of Wayne Savings Community Bank and took the helm of the $1.4 billion-asset Main Street when the two companies merged last year.
The merger of equals was announced on Feb. 23, 2023 and closed May 31, 2024.
Mark Witmer, who was Wayne’s Executive Chairman before the merger and Main Street’s Executive Chairman post-merger, will now serve as the combined bank’s President and CEO.
Witmer will also maintain his role as Chairman of the Board. He has 30 years of community banking experience, including commercial lending, agricultural lending and mortgage banking experience.
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VanSickle’s employment contract was terminated without cause, and he is no longer a member of the board, the company said.
“The board thanks Mr. VanSickle II for his contributions and looks forward to Mr. Witmer’s leadership,” the bank said.
The company reported a net income of $3.6 million, or $0.47 per common share, for the three months ended March 31.
“We are proud of the progress we have made as a combined organization. The merger has created meaningful opportunities for growth and enhanced our ability to deliver long-term value to our shareholders,” VanSickle in the first quarter press release.
Main Street has 19 branches, with a retail and lending presence extending from Wooster, Ohio, to Wheeling, West Virginia, with exposure to the major metropolitan areas of Cleveland, Akron, Canton, Youngstown and Pittsburgh.
