Wells Financial was organized in 1994 at the direction of the board of directors of Wells Federal Bank to acquire the capital stock that the bank issued upon its conversion from mutual to stock ownership. Wells Financial is a savings and loan holding company. The bank, founded in 1934, attracts deposits from the public and invests in residential lending on owner occupied properties, home equity and consumer loans. Its additional lending activities include agricultural and commercial real estate and operating loans, and term loans. Wells Federal Bank has two subsidiaries: Greater Minnesota Mortgage originates loans through referrals from banks; and Wells Insurance Agency sells property, casualty, life, health and investment products, including annuities and mutual funds. Wells Federal Bank is a savings bank with headquarters in Wells, Minn., and offices in Wells, Blue Earth, Mankato, Fairmont, North Mankato, Albert Lea, St. Peter and Owatonna, Minn., with a loan origination office in Farmington, Minn.
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