First State Bank in Gainseville, Texas., entered into a sale-leaseback transaction for half of its properties.
The $1.8 billion-asset bank agreed to sell seven locations to MountainSeed Real Estate Services in Atlanta for about $32 million.
First State entered into a 15-year lease with renewal options.
The transaction “enabled First State … to unlock substantial equity from our long-term real estate holdings,” Brian McCain, the bank’s chief financial officer, said in a press release.
“The Mountainseed team was instrumental in keeping the process on schedule,” he added. “Their communication throughout was outstanding, and we couldn’t be more satisfied with the results. We began restructuring our balance sheet immediately after closing.”