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Wellesley Bancorp (WEBK) Raises Quarterly Dividend 33.3% to $0.04; New CFO Appointed

May 25, 2016 10:04 AM EDT

Wellesley Bancorp (NASDAQ: WEBK) declared a quarterly dividend of $0.04 per share, or $0.16 annualized. This is a 33.3% increase from the prior dividend of $0.03.

The dividend will be payable on June 20, 2016, to stockholders of record on June 6, 2016, with an ex-dividend date of June 2, 2016.

The annual yield on the dividend is 0.8 percent.

Appointment of Chief Financial Officer

The Company today also announced that, effective July 1, 2016, the Board has appointed Michael W. Dvorak, a respected leader and tenured banking industry executive, Chief Financial Officer and Treasurer of the Company and EVP and Chief Financial Officer of Wellesley Bank. Mr. Dvorak is replacing the Company's current CFO, Gary P. Culyer, who is retiring effective July 1st.

Mr. Dvorak brings extensive financial and operational leadership experience to the Company and Wellesley Bank. He has more than 30 years of banking experience, most recently as Senior Vice President of Finance at State Street Corporation. Previous experience includes 15 years at Keycorp where he was the CFO of both the Community Bank and the Consumer Bank. Michael has a B.A. of Arts, Economics from Miami University and an MBA of Banking and Finance from Weatherhead School, Case Western Reserve University. He is actively involved in the community as a volunteer and in providing financial support to Weston Little League, Weston Boosters, WEEFC, Boston Food Bank, March of Dimes, Arc of Massachusetts and The Salvation Army.

"We are excited to have Michael join our senior leadership team and contribute to Wellesley Bank's continuing success and expansion. We expect that Michael will utilize his many talents to build upon the strong financial footing that has already been established," said Thomas Fontaine, President and CEO.

For a dividend history and other dividend-related data on Wellesley Bancorp (WEBK) click here.



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