MVB Financial in Fairmont, W.Va., entered into a sale-leaseback transaction tied to four properties.
The company disclosed in a regulatory filing that it sold the properties to Mountainseed Real Estate Services for $17.6 million, or a pretax gain of $11.8 million.
MVB then signed a 15-year lease for the properties, with three five-year renewal options. The initial lease is $1.5 million for the first year, with 2% annual increases.
MVB agreed to keep the branches open during the lease period.