Main Street Financial Services Corp. Announces Officer Termination, Appointment

Rhea-AI Summary

Main Street Financial Services Corp. (OTCQX:MSWV) announced significant leadership changes as the Board of Directors terminated President and CEO Jay R. VanSickle II without cause, effective June 3, 2025. Mark R. Witmer, currently serving as Executive Chair, has been appointed as the new President and CEO while maintaining his position as Chairman of the Board. Witmer brings approximately 30 years of community banking experience, including expertise in commercial lending, agricultural lending, and mortgage banking. He has been serving as a director and Executive Chair since 2024, following the company's merger with Wayne Savings Bancshares, Inc., where he previously held board and Executive Chair positions since 2021.

Positive

• New CEO Mark R. Witmer brings 30 years of extensive community banking experience
• Seamless leadership transition with Witmer already familiar with company operations as Executive Chair
• Witmer's background in commercial, agricultural, and mortgage banking adds valuable expertise

Negative

• Sudden termination of CEO indicates potential internal challenges or strategic disagreements
• Concentration of power with Witmer holding both CEO and Chairman positions
• Potential disruption to company operations and strategy due to unexpected leadership change

WOOSTER, Ohio, June 04, 2025 (GLOBE NEWSWIRE) -- Main Street Financial Services Corp. (OTCQX:MSWV) (the “Company”) today announced that the Board of Directors (the “Board”) has terminated the Company’s President and Chief Executive Officer, Jay R. VanSickle II, effective June 3, 2025. In accordance with Mr. VanSickle’s employment contract, he was terminated without cause and is no longer a member of the Board. The Board has appointed Mark R. Witmer, currently a director and Executive Chair of the Company, as President and Chief Executive Officer. Mr. Witmer will also maintain his role as Chairman of the Board. Mr. Witmer has been a director and Executive Chair of the Company since 2024, following the merger of the Company and Wayne Savings Bancshares, Inc., where he previously served on the board and as Executive Chair since 2021, and has approximately 30 years of community banking experience, including commercial lending, agricultural lending and mortgage banking experience. The Board thanks Mr. VanSickle II for his contributions and looks forward to Mr. Witmer’s leadership.

About MSWV: Main Street Financial Services Corp. is a $1.4 billion holding company headquartered in Wooster, Ohio. Its primary subsidiary, Main Street Bank Corp. was founded in 1899 and provides full-service banking, commercial lending, and mortgage services across its branch infrastructure. Today, Main Street Bank Corp operates 19 branch locations in Wooster, Ohio, Wheeling, West Virginia and other surrounding communities in Ohio and West Virginia. 

Statements contained in this news release which are not historical facts may be forward- looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors.  Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company's market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company from time to time.  The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occurred after the date on which such statements were made.

Contact:

Main Street Financial Services Corp. 
Mark R. Witmer
President and Chief Executive Officer
330-264-5767
mwitmer@mymainstreetbank.bank

FAQ

Why did Main Street Financial Services Corp (MSWV) terminate CEO Jay R. VanSickle II?

The company announced that Jay R. VanSickle II was terminated without cause effective June 3, 2025, in accordance with his employment contract. No specific reason was provided for the termination.

Who is the new CEO of Main Street Financial Services Corp (MSWV)?

Mark R. Witmer has been appointed as the new President and CEO while maintaining his position as Chairman of the Board.

What experience does Mark Witmer bring to MSWV as the new CEO?

Mark Witmer brings approximately 30 years of community banking experience, including expertise in commercial lending, agricultural lending, and mortgage banking.

When did Mark Witmer join Main Street Financial Services Corp?

Witmer has been serving as a director and Executive Chair since 2024, following the company's merger with Wayne Savings Bancshares, Inc.

Will Jay R. VanSickle II remain on MSWV's Board of Directors?

No, following his termination, VanSickle II is no longer a member of the Board of Directors.