|
|
|
|
|
Last Trade
|
Last Trade:
$43.10
|
Change:
0.10 (0.23%)
|
Trade Time:
Dec 12
|
Market Cap:
$110.74M
|
|
|
|
|
|
|
Description of Business
|
|
Wellesley Bancorp, Inc. Wellesley Bancorp, Inc. (the "Company" or "Wellesley
Bancorp") was incorporated in September 2011 to be the holding company for
Wellesley Bank (the "Bank") following the Bank's conversion (the "Conversion")
from the mutual to stock form of ownership. On January 25, 2012, the Conversion
was completed and the Bank became the wholly-owned subsidiary of the Company.
Also on that date, the Company sold and issued 2,407,151 shares of its common
stock at a price of $10.00 per share, through which the Company received net
offering proceeds of $21.2 million. The Company's principal business activity is
the ownership of the outstanding shares of common stock of the Bank. The Company
does not own or lease any property, but instead uses the premises, equipment and
other property of the Bank, with the payment of appropriate rental fees, as
required by applicable laws and regulations, under the terms of an expense
allocation agreement entered into with the Bank.
|
|
|
|