newsNews Room

Jones Walker Represents Wells Financial Corp. in Acquisition of St. James Federal Savings and Loan Association
July 17, 2015

Press Release

WASHINGTON, D.C., July 16, 2015 – Wells Financial Corp. ("Wells") (OTCQB: "WEFP"), the holding company for Wells Federal Bank, announced today that it has completed its acquisition of St. James Federal Savings and Loan Association ("St. James") in a conversion merger transaction, effective July 16, 2015, and the related stock offering of Wells. Jones Walker LLP served as legal counsel to Wells.

John J. ("Jack") Spidi, a partner in Jones Walker's Banking & Financial Services Practice Group, served as lead counsel for Wells Financial Corp. in the deal, along with partners James C. Stewart and Daniel H. Burd, and special counsel Joan S. Guilfoyle, all of the firm’s Washington, D.C. office.

"This is one of two similar transactions that have closed in the past two months and may indeed signify a trend for a new type of conversion strategy for small mutuals," said Mr. Spidi. "This type of deal is a great opportunity for mutual banking and gives a small savings and loan the ability to become part of a larger financial organization."

As a result of the conversion merger, St. James converted from a federally-chartered mutual savings association to a federally-chartered stock savings association and immediately merged with and into Wells Federal Bank, the surviving entity in the merger conversion. Wells sold 78,736 shares of common stock at a price of $27.36 per share to depositor and borrower members of St. James, to the Employee Stock Ownership Plan and stockholders of Wells, and to members of the general public in a concurrent subscription offering and community offering. Gross offering proceeds totaled approximately $2.15 million. St. James' sole office, located in St. James, Minnesota, has become a branch office of Wells Federal Bank.

About Jones Walker
Jones Walker LLP ( with approximately 390 attorneys in Alabama, Arizona, California, the District of Columbia, Florida, Georgia, Louisiana, Mississippi, New York, Ohio, and Texas, provides a comprehensive range of legal services to a national and international corporate client base.