Insight Credit Union in Winter Springs, Fla., has agreed to a sale-leaseback transaction involving three branches.
The credit union sold the locations to MountainSeed Real Estate Services in Atlanta for about $9.6 million. Insight then agreed to lease the branches for an initial 15-year term with a 15-year renewal option. The lease rate wasn’t disclosed.
“We believe leveraging the value in our previously owned locations is a wise decision,” George Davis, the credit union’s CEO, said in a press release. “It allows us to continue our long-term commitments to the communities we serve while freeing up financial assets to invest in additional product and service offerings for our growing membership.”