Aug 23 - Lonnie R. Trasamar, president of Wells (Minn.) Financial Corp. (OTC BB:WEFP), the holding company of Wells Federal Bank, has declared a special 25 cents per share cash dividend, payable on Sept. 21, 2012, to shareholders of record on Sept. 7, 2012. Trasamar stated that the board of directors is pleased with the continued profitability and capital strength of the bank which allowed the directors to declare this dividend. It is not the board's intent to declare regular quarterly dividends but to assess the earnings and capital position of the Company at various intervals and to declare dividends based on these assessments.
The bank is a Minnesota state-chartered commercial bank headquartered in Wells, Minn. The bank has nine offices located in Faribault, Martin, Blue Earth, Nicollet, Freeborn, Steele and Dakota Counties. It was founded in 1934 and its deposits are federally insured.