Wells Financial Corp. is a unitary savings and loan holding company that was incorporated in December 1994 under the laws of the State of Minnesota for the purpose of acquiring all of the issued and outstanding common stock of Wells Federal Bank, fsb (the "Bank"). This acquisition occurred in April 1995 at the time the Bank simultaneously converted from a mutual to a stock institution, and sold all of its outstanding capital stock to the Company and the Company made its initial public offering of common stock (the "Conversion"). As of December 31, 2003, the Company had total assets of $223.8 million, total deposits of $169.7 million, and stockholders' equity of $27.9 million or 12.5% of total assets under generally accepted accounting principles ("GAAP") in the United States of America. The only subsidiary of the Company is the Bank.
The primary activity of the Company is directing and planning the activities of the Bank, the Company's primary asset. At December 31, 2003, the remainder of the assets of the Company were maintained in deposits in interest bearing accounts with other financial institutions. The Company engages in no other significant activities. As a result, references to the Company or Registrant generally refer to the Bank, unless the context otherwise indicates. In the discussion of regulation, except for the discussion of the regulation of the Company, all regulations apply to the Bank rather than the Company.
