A generalized model of a two-way dual-band Wilkinson power divider (WPD) with a parallel LC circuit at midpoints of two-segment transformers is proposed and compared with that of a conventional two-way dual-band WPD with a parallel LC circuit at the ends of two-segment transformers. The sum of power reflected at an output port and power transmitted to an isolation port from another isolation port in the proposed divider is smaller than that in the conventional divider. Therefore, wide bandwidths for S22, S33, and S32 can be expected for proposed dividers. In the case of equal power division, frequency characteristics of return loss at output ports and isolation of the proposed divider are wider than those of the convention one. The resonant frequencies of LC circuits in the proposed divider and a conventional divider are equal; however, the inductance L used in the proposed divider is always smaller than that in the conventional divider. Design charts and calculated bandwidths as a function of frequency ratio from 1 to 7 are presented. In experiments, two symmetrical and two asymmetrical circuits were fabricated. The experimental results showed good agreement with theoretical results.