CIB Marine Bancshares in Champaign, Ill., has completed a sale-leaseback transaction for three branches.
The $889 million-asset company sold the Champaign locations to MountainSeed Real Estate Services for $6.5 million. CIBM Bank then agreed to lease the branches for an initial 15-year term with an option to renew for another 15 years.
The lease terms were not disclosed.
“This transaction was an opportunity for CIBM Bank to pursue important strategic objectives while continuing to build shareholder value,” Brian Chaffin, the company’s president and CEO, said in a press release. “We appreciate the dedication and professionalism of MountainSeed in working with us to achieve this result.”