Quaint Oak Bancorp in Southampton, Pa., cut ties with two businesses in the first quarter.
The $776 million-asset Quaint Oak said in a press release that it sold its 51% interest in Oakmont Capital Holdings, an equipment finance company. Quaint Oak bought the stake in January 2022 for an undisclosed price.
Oakmont, which does business in all 50 states, has offices in West Chester, Pa., and Albany, Minn.
JA Mitsui Leasing USA Holdings announced in April that it bought all of Oakmont, though it did not disclose the price it paid.
Separately, Quaint Oak said it discontinued the operations of Quaint Oak Real Estate, a unit that offered real estate brokerage services. Quaint Oak said transferred the unit’s agents to another local real estate agency.
The businesses “had become less productive considering the Federal Reserve rate increases,” Robert Strong, Quaint Oak’s president and CEO, said in the release. The quarter’s actions “will have the effect of eliminating additional losses from these two entities moving forward.”