EXHIBIT 99

                              Wells Financial Corp.
                         Announces Management Succession

December 7, 2001
For Immediate Release
                                             For Additional Information, Contact
                                                               Lawrence H. Kruse
                                                     Chairman, President and CEO
                                                           Wells Financial Corp.
                                                                  (507) 553-3151


The Boards of Directors of Wells  Financial  Corp.  and Wells  Federal Bank have
announced details of their management succession plan to fill the position being
vacated by retiring President, CEO and Chairman Lawrence H. Kruse.

Kruse,  Wells  Federal's  managing  officer  since 1964,  will retire  effective
February 28, 2002.

Kruse announced today that the Company's top management  position will be filled
by Mr. Lonnie Trasamar,  47, former President and CEO of the MidAmerica Banks in
Blue Earth and Mankato, Minnesota.

In addition to his bank  management  experience,  Trasamar has a  background  in
commercial real estate development and lending, real estate and insurance sales.

Trasamar will begin his employment as the Company's  Executive Vice President on
January 23, 2002.

A native of Elmore,  Minnesota,  Trasamar earned both his bachelor's  degree and
his MBA at the University of Minnesota.

Wells  Federal Bank is a $220 million  federal  savings  bank  headquartered  in
Wells, Minnesota with branches in Blue Earth, Mankato,  Fairmont, North Mankato,
Albert  Lea,  St.  Peter and  Owatonna,  Minnesota.  The Bank is a wholly  owned
subsidiary of Wells  Financial  Corp., a publicly traded  corporation  traded on
Nasdaq National Market under the symbol WEFC.