This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Wellesley Bancorp, Inc. Announces The Opening Of Its Newest Branch And Reports Results For The Quarter Ended March 31, 2012

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.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 17,730.11 -27.80 -0.16%
S&P 500 2,076.78 -0.64 -0.03%
NASDAQ 5,009.2140 -3.9090 -0.08%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs