Plumas Bancorp in Reno, Nev., entered into a sale-leaseback transaction for two administrative offices in Quincy, Calif.
The company disclosed in a regulatory filing that it sold the buildings to BBS Branch III for nearly $5.6 million.
The bank then agreed to lease the properties for 15 years, with three five-year renewal options. The initial annual rent is $463,000 with 3% annual increases.
The transaction resulted in a $5.5 million pretax gain, which could be used to offset the sale of underperforming securities.