PLUMAS BANCORP (PLBC): debt financing — Plumas Bancorp completes $25.7M sale-leaseback of nine branches, records $19.8M pre-tax gain

PLUMAS BANCORP

Sold nine branch properties to MountainSeed for $25.7M cash; pre-tax gain of $19.8M recognized.
Leased back properties under 15-year term with annual rent of ~$2.4M, increasing 2% per year.
Evaluating partial securities portfolio sale to offset gain; second sale-leaseback of three offices for $7.9M expected in March 2024.
Transaction intended to improve earnings profile and book value per share, according to CEO.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

PLUMAS BANCORP incurred lease obligation of approximately $25.7 million with MountainSeed Real Estate Services maturing 15-year lease term.

Instrument: lease obligation
Principal: approximately $25.7 million
Counterparty: MountainSeed Real Estate Services
Maturity: 15-year lease term
Event: incurrence

Exact text from the filing

MountainSeed Real Estate Services acquired nine properties operated as branches from Plumas Bank and leased each property back to the bank for a 15-year lease term.

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Source: SEC EDGAR

accession 0001437749-24-004269

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