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Wellesley Bank Parent Co. Completes Mutual To Stock Conversion

Jan 26, 2012 | Reprints | Unlock Link | Print

WellesleyBank Wellesley Bancorp Inc., the stock holding company for Wellesley Bank, has completed its mutual-to-stock conversion and public stock offering.

In a statement, the company said it expects its common stock to begin trading on the Nasdaq Capital Market today under the symbol WEBK. In the offering, a total of 2.2 million shares were sold at $10 per share.

The company also put $224,967 in cash, as well as 157,477 shares, into the Wellesley Bank Charitable Foundation. Upon completion of the offering, there were 2.4 million shares outstanding.

Thomas J. Fontaine, chairman, president and CEO of the company and the bank, said he was "proud to offer ownership of our company to many of our long-time depositors and employees who have made Wellesley Bank a success."

Banking & Lending