Quaint Oak Bancorp sells majority stake in Oakmont Capital to JA Mitsui for $4.3M plus debt assumption

QUAINT OAK BANCORP, INC.

Quaint Oak Bank sold its 51% equity in Oakmont Capital Holdings to JA Mitsui Leasing USA Holdings for $4.3M cash plus assumption of $15.9M in debt.
Buyer also purchased $45.3M of loans originated by Oakmont Capital and held for sale by Quaint Oak Bank.
Quaint Oak Bancorp discontinued operations of subsidiary Quaint Oak Real Estate and leased premises to HomeStarr Realty for five years.
Under the agreement, Quaint Oak Bank received $4.3M estimated cash payment at closing on March 29, 2024.
The remaining equity holders in Oakmont Capital (officers) entered employment agreements with the buyer.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

QUAINT OAK BANCORP, INC. entered into Equity Purchase Agreement with JA Mitsui Leasing USA Holdings, Inc. (effective 2024-03-29).

Action: entry
Agreement: equity purchase
Counterparty: JA Mitsui Leasing USA Holdings, Inc.
Effective: 2024-03-29

Exact text from the filing

On March 29, 2024, Quaint Oak Bank (the “Bank”), a wholly owned subsidiary of Quaint Oak Bancorp, Inc. (“Quaint Oak” or the “Registrant”), as a majority equity owner of Oakmont Capital Holdings, LLC (“Oakmont Capital”), entered into an Equity Purchase Agreement, by and among JA Mitsui Leasing USA Holdings, Inc. (“Buyer”), the owners of the equity securities of Oakmont Capital (“Sellers”), and solely for certain limited purposes, Oakmont Capital (the “Agreement”).

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Source: SEC EDGAR

accession 0000927089-24-000055

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