Wellesley Bancorp (WEBK) Opens After Mutual-to-Stock Conversion

January 26, 2012 11:13 AM EST
Wellesley Bancorp, Inc. (Nasdaq: WEBK) is open for trading following a mutual-to-stock conversion of the Bank and the Company’s public stock offering. Shares are trading at $11.70 after pricing at $10.00.

A total of 2,249,674 shares of common stock were sold in the subscription and community offering at $10.00 per share. Additionally, the Company contributed $224,967 in cash and 157,477 shares of common stock to the Wellesley Bank Charitable Foundation. The total number of shares of common stock outstanding upon completion of the offering is 2,407,151 shares.

Wellesley Bancorp is a Massachusetts chartered stock cooperative bank, with total assets of $274.4 million, total deposits of $234.1 million and total equity of $22.1 million at September 30, 2011.

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