Wells Financial Corp. Rejects Overtures by Opportunity Partners
November 19 2004 - 10:14AM
PR Newswire (US)
Wells Financial Corp. Rejects Overtures by Opportunity Partners
WELLS, Minn., Nov. 19 /PRNewswire-FirstCall/ -- Wells Financial
Corp. (the "Company") (NASDAQ:WEFC) President and Chief Executive
Officer, Mr. Lonnie R. Trasamar, today announced that the Company
has sent a letter to Opportunity Partners advising them that, after
considering their letters to the Company, the Board of Directors
has unanimously reaffirmed its position that the Company is not for
sale and, therefore, declined their proposal. The Board of
Directors has recently reviewed its strategic options and concluded
that it is in the best interests of the Company and its
stockholders for the Company to pursue its long-term business plan,
and the modified Dutch auction tender offer and reverse stock
split. The Company's modified Dutch auction issuer tender offer for
up to 150,000 shares of its common stock expires today at 5:00
p.m., New York City time. Wells Financial Corp. is the holding
company of Wells Federal Bank, a federally chartered savings bank
headquartered in Wells, Minnesota. The Bank's deposits are
federally insured by the Federal Deposit Insurance Corporation
("FDIC"). The foregoing material may contain forward-looking
statements. We caution that such statements may be subject to a
number of uncertainties and actual results could differ materially
and, therefore, readers should not place undue reliance on any
forward-looking statements. Wells Financial Corp. does not
undertake, and specifically disclaims, any obligation to publicly
release the results of any revisions that may be made to any
forward-looking statements to reflect the occurrence of anticipated
or unanticipated events or circumstances after the date of such
statements. DATASOURCE: Wells Financial Corp. CONTACT: Lonnie R.
Trasamar, President and Chief Executive Officer of Wells Financial
Corp., +1-507-553-3151
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