Citizens Bank in Philadelphia, Miss., completed a sale-leaseback transaction involving three branches.
The $1.4 billion-asset bank sold the locations for $10.8 million to MountainSeed, the buyer said in a press release. Citizens agreed to lease the branches for an initial 15-year term.
The other lease terms were not disclosed.
“Through the sale-leaseback … the bank has monetized nonearning assets, enhancing balance sheet flexibility and positioning the bank to better execute on our long-term, strategic plan,” Phillip Branch, Citizens’ chief financial officer, said in the release.