Plumas Bancorp in Reno, Nev., has agreed to sell 12 properties as part of a sale-leaseback transaction.
The $1.6 billion-asset company disclosed in a regulatory filing that it plans to sell the properties to Mountainseed Real Estate Services for $33.6 million in cash. Eleven are in California; one is in Nevada.
Plumas is selling nine branches for $25.7 million and three administrative offices for $7.9 million, subject to adjustment.
Plumas agreed to lease the properties for an initial 15-year term. It would pay $3.1 million in initial rent, with a 2% annual increase.
The deal is expected to close in the first quarter.
Plumas also said it is evaluating using the proceeds to offset a securities sale.
Mountainseed recently agreed to a sale-leaseback transaction with Citizens Bank in Philadelphia, Miss., for three branches..