Auburn National Bancorp. in Auburn, Ala., has agreed to sell land next to its corporate headquarters.
The $1.1 billion-asset company disclosed in a regulatory filing Tuesday that it will part with 0.85 acres of land for nearly $4.3 million. The company said it expects the sale to be accretive to its earnings by about 70 cents a share.
Auburn National disclosed that the buyer is a bank customer, noting that it hasn’t given the client any favorable terms on loans or deposits and that it adhered to “market terms and conditions” with the planned sale.
Auburn National said it is not financing the purchase.
The buyer has 180 days to conduct due diligence, inspections and reviews.