Quaint Oak Bancorp in Southampton, Pa., has agreed to a sale-leaseback transaction with Mountainseed Real Estate Services.
The $702 million-asset Quaint Oak said in a regulatory filing that it sold a property in Allentown, Pa., for about $2.9 million. The building serves as a branch and as the administrative offices for several of the Bank’s subsidiaries.
The sale is expected to close this year.
Quaint Oak agreed to lease the property for an initial 15-year term with annual fixed rent of $279,300.