First Northwest Bancorp (FNWB) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 30, 2024, First Fed Bank agreed to sell up to six branch properties in Washington to Mountainseed Real Estate Services, LLC for $14.67 million, with the option for either party to terminate the agreement under certain conditions. Concurrently with the sale, the Bank will lease back the properties for 15 years with a renewal option, at an annual rent of $1.35 million. The transaction is expected to close in early 2024 pending due diligence and is anticipated to yield a pre-tax gain of $7.5 million for the Bank. The gain may be offset by the sale of a portion of the Bank’s securities portfolio currently at a loss.
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For a comprehensive understanding of the announcement, you can read the full document here.
