secwatch.observer — SEC 8-K summary
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Issuer:     Finward Bancorp (FNWD)
CIK:        0000919864
Form:       8-K
Filed at:   2024-01-31T23:59:59+00:00
Accession:  0001193125-24-021070
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Finward Bancorp to sell 5 branch properties for $17.2M in sale-leaseback, lease back for 15 years
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- Purchase price $17.2M for 5 branches; expected closing by third week of Feb 2024.
- Net proceeds above book value ~$11.7M; first-year rent ~$1.5M pre-tax, offset by ~$265K depreciation.
- Initial 15-year leases with 2% annual rent adjustment; properties in Lake County, IN and Cook County, IL.
- Proceeds to be used for general corporate purposes, including potential debt reduction.
- No branch closures or market exits planned.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/919864/000119312524021070/0001193125-24-021070-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/919864/000119312524021070/d748419d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-24-021070

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