Wells Financial registers 97,963 shares for $3.04 million public sale

Deal conducted in connection with bank’s conversion to stock issuer

By Devika Patel

Knoxville, Tenn., March 12 – Wells Financial Corp. plans a public offering of up to 97,963 common shares with a greenshoe of 112,657 additional shares, according to a preliminary prospectus filed Thursday with the Securities and Exchange Commission. The company has registered up to $3.04 million of stock.

The offering is being conducted in connection with the conversion of St. James Federal Savings and Loan Association from the mutual to the stock form of organization.

Shares that are not purchased in the subscription offering may be offered for sale to the general public in a community offering.

Investors must order a minimum of 25 shares.

The deal will be conducted by bookrunner Sterne, Agee & Leach, Inc.

Proceeds will be used for loan and asset growth, to repurchase common shares, expand business operations and for general corporate purposes.

The unitary savings and loan holding company is based in Wells, Minn.

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