Wellesley Bancorp, Inc. (Nasdaq Capital Market: WEBK) (the “Company”), the holding company for Wellesley Bank (the “Bank”) reported a net loss of $553,000 for the quarter ended March 31, 2012, compared to net income of $492,000 for the same period in 2011. The Bank completed its mutual-to-stock conversion (the “conversion”) and the Company’s public offering on January 25, 2012. The 2012 results reflect a one-time $1.8 million pre-tax contribution to a charitable foundation formed in connection with the conversion. In addition, the 2011 results reflect the Bank on a consolidated basis and do not include the Company which was not an operating company during 2011. Earnings per share information is not presented for periods where the shares were not outstanding for the entire period.
The Company also announced the opening of its third branch on April 2, 2012 in Wellesley at 29 Washington Street in the Wellesley Lower Falls section of town. At this new state-of-the-art location we look forward to providing convenient banking services for our existing and prospective customers to include ATM services, night deposit and an onsite residential lender.
Thomas J. Fontaine, President and Chief Executive Officer of the Company, expressed his gratitude to the community for supporting the recent stock conversion and indicated the Company’s commitment to building profitable lending and deposit relationships, and continuing to provide the products and services required by our customers. “Our newest branch allows us to extend our service reach to additional markets in the Wellesley and Newton communities, and positions the Company to achieve our goals for growth”, he said. In reviewing the results of the recent quarter, he also noted the $1.8 million pre-tax contribution made by the Company in January to fund the Wellesley Bank Charitable Foundation (the “Foundation”) which was established to allow the Company to continue to support the many worthy community programs within our town and surrounding communities.
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