Plumas Bancorp amends non-branch property sale agreement; closing extended to Sept 16, 2024

PLUMAS BANCORP

Amendment extends closing date for sale of three non-branch offices to September 16, 2024.
Plumas Bank gains termination option if accountant certifies sale no longer qualifies for gain recognition.
If Plumas terminates, buyer Mountainseed pays certain due diligence and survey costs.
Total cash purchase price for all three non-branch offices is $7.9 million.
Company expects transaction to close in Q3 2024 with leaseback of each property sold.

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

PLUMAS BANCORP amended Sale Agreement for the Non-Branch Offices with Mountainseed Real Estate Services, LLC (effective 2024-03-14).

Action: amendment
Agreement: asset purchase
Counterparty: Mountainseed Real Estate Services, LLC
Effective: 2024-03-14

Exact text from the filing

As previously reported, on January 19, 2024, Plumas Bank (the “Bank”), a wholly-owned subsidiary of Plumas Bancorp (the “Company”), entered into two agreements for the purchase and sale of real property (each, a “Sale Agreement”) with Mountainseed Real Estate Services, LLC, a Georgia limited liability company (“Mountainseed”).

View on SEC.gov

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

PLUMAS BANCORP entered into Sale Agreement with Mountainseed Real Estate Services, LLC valued at $7.9 million (effective 2024-01-19).

Action: entry
Agreement: asset purchase
Counterparty: Mountainseed Real Estate Services, LLC
Value: $7.9 million
Effective: 2024-01-19

Exact text from the filing

As previously reported, on January 19, 2024, Plumas Bank (the “Bank”), a wholly-owned subsidiary of Plumas Bancorp (the “Company”), entered into two agreements for the purchase and sale of real property (each, a “Sale Agreement”) with Mountainseed Real Estate Services, LLC, a Georgia limited liability company (“Mountainseed”). One Sale Agreement provided for the sale to Mountainseed of up to nine properties owned and operated by the Bank as branches (the “Branches”) for an aggregate cash purchase price of approximately $25.7 million.

View on SEC.gov

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

PLUMAS BANCORP entered into Sale Agreement with Mountainseed Real Estate Services, LLC valued at $7.9 million (effective 2024-01-19).

Action: entry
Agreement: asset purchase
Counterparty: Mountainseed Real Estate Services, LLC
Value: $7.9 million
Effective: 2024-01-19

Exact text from the filing

The second Sale Agreement provides for the sale to Mountainseed of up to three properties operated as non-branch administrative offices (the “Non-Branch Offices”) for an aggregate cash purchase price of $7.9 million, assuming all of the Non-Branch Offices are sold.

View on SEC.gov

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Source: SEC EDGAR

accession 0001437749-24-008007

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