Another method is an LM2596 DC-DC regulator module. These go for 99 cents on eBay with free shipping but will take a couple weeks to come from Asia; search eBay for "LM2596 module". They can deliver 1000 mA or more of current so should be able to drive quite a few signs.
You add a bridge rectifier in front of it to convert AC to DC, adjust the voltage to 4.5VDC or whatever (you need a meter), and you're off to the races. These modules use switching regulator technology which effectively eliminates heat issues which can be an issue with linear regulators (such as the LM7805 or LM317) when dropping large voltages as you would if going from 14VAC to 4.5VDC. But as the guys say, if only driving a small load, a linear regulator can be expedient.
If experimenting before final installation, I add screw-terminal connectors for quicker connect/dis-connect. You can use 4 diodes instead of a bridge if that's what you have handy. These are illustrated in the upper module in the photo.