Atlanta, GA and Walterboro, SC – September 6, 2024. MountainSeed Real Estate Services, LLC (“MountainSeed”), a Georgia limited liability company, has successfully completed a sale-leaseback transaction with 1st Federal Savings Bank of SC, Inc (“the Bank”).
Effective September 6, 2024, under the terms of this transaction, 1st Federal sold property inclusive of their headquartered location in the immediate vicinity of Walterboro, South Carolina.
Concurrently, 1st Federal entered into a master lease agreement (the “Lease Agreement”), under which the Bank will lease back the property. The Lease Agreement has an initial term of 15 years, with an option for the Bank to extend the lease for an additional 15-year term. As part of this sale-leaseback transaction, the Bank will continue its operations without closing any offices or exiting any markets, ensuring seamless service to its members, making a long term commitment to the geographic area, and maintaining its strong presence in the local community.
MountainSeed’s continued commitment to conducting sale leaseback transactions further establishes the company as a reliable resource for Credit Unions and Banks. It provides 1st Federal with enhanced financial flexibility in the current economic environment.
“We are excited and thankful for the opportunity to partner with 1st Federal Savings Bank of SC. Their executive team is forward-thinking, great to work with, and they understand the benefits that are awarded to Banks of all sizes who choose to unlock the value held in their previously owned buildings. Banks are finding numerous ways to use gain proceeds and our closing pipeline is growing, we expect a strong end to the year with closings,” said Patrick Roberts, Chief Revenue Officer at MountainSeed.
“This was a very seamless transaction and MountainSeed was very easy to work with,” noted Chris Strimple, President at 1st Federal Savings Bank of SC, Inc.
About MountainSeed: MountainSeed acts as a beacon of trust and innovation in the real estate and banking industries, serving as a partner to over 600 community Banks and Credit Unions across 50 states. MountainSeed has become the most active company in conducting sale leaseback transactions with community Banks and Credit Unions. In addition, the company processes over $5 Billion commercial real estate transactions monthly, offering expertise to clients in the commercial real estate and lending industries. Their tech-enabled business provides clients access to a marketplace of products, services, and real estate data.
About 1st Federal: 1st Federal Savings Bank of SC is an FDIC-insured bank that has been operating for more than 60 years in South Carolina. 1st Federal has locations in Walterboro and Edisto Beach. 1st Federal currently has over $164 million in assets.
For further information or inquiries, please contact:
· Patrick Roberts, Chief Revenue Officer, MountainSeed
– Email: [email protected]
– Phone: (404) 710-9642
· Chris Strimple, President, 1st Federal Savings Bank of SC, Inc.
– Email: [email protected]
– Phone: 843-908-3003
Forward-Looking Statements
This press release contains certain forward-looking statements. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include changes in economic conditions, changes in market interest rates, among other factors.