secwatch.observer — SEC 8-K summary
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Issuer:     QUAINT OAK BANCORP, INC. (QNTO)
CIK:        0001391933
Form:       8-K
Filed at:   2024-04-03T23:59:59+00:00
Accession:  0000927089-24-000055
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 1.01, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1391933/000092708924000055/0000927089-24-000055-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1391933/000092708924000055/qnto20240402_8k.htm
  HTML page:      https://secwatch.observer/filing/0000927089-24-000055

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