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Company Description (as filed with the SEC)
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. ... More ...