Atlanta, GA and Champaign, IL – July 24, 2024. MountainSeed Real Estate Services, LLC (“MountainSeed”), a Georgia limited liability company, has successfully completed a sale-leaseback transaction with CIBM Bank, the wholly-owned subsidiary of CIB Marine Bancshares, Inc. (OTCQX: “CIBH”).
Effective June 28, 2024, under the terms of this transaction, CIBM Bank sold three properties, which it owned and operated as bank office locations for an aggregate purchase price of approximately $6.5 million, inclusive of customary closing adjustments. These properties are located in the immediate vicinity of Champaign, IL, where CIBM Bank is headquartered.
Concurrently, CIBM Bank entered into a master lease agreement (the “Lease Agreement”), under which CIBM Bank will lease all three properties. The Lease Agreement has an initial term of 15 years, with an option for CIBM Bank to extend the lease for an additional 15-year term. The obligations of CIBM Bank under the Lease Agreement are guaranteed by CIB Marine Bancshares, Inc. As part of this sale-leaseback transaction, CIBM Bank will continue its operations without closing any offices or exiting any markets, ensuring seamless service to its clients and maintaining its presence in the local community.
MountainSeed’s continued commitment to conducting sale leaseback transactions further establishes the company as a reliable resource for community Banks and Credit Unions. It provides CIBM Bank with enhanced financial flexibility in the current economic environment.
“We are thrilled to close this transaction; it has been a true pleasure working with the CIBM executive team. Our goal was to complete the transaction in Q2, and we were able to close the sale in 56 days of finalizing a Letter of Intent, which was a great accomplishment.” said Patrick Roberts, Chief Revenue Officer at MountainSeed.
“This transaction was an opportunity for CIBM Bank to pursue important strategic objectives while continuing to build shareholder value. We appreciate the dedication and professionalism of MountainSeed in working with us to achieve this result,” noted Brian Chaffin, President and Chief Executive Officer of CIB Marine Bancshares, 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 in 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 CIB Marine Bancshares, Inc.: CIB Marine Bancshares, Inc. (OTCQX: CIBH) is a Wisconsin corporation and registered bank holding company with its principal executive offices in Brookfield, Wisconsin, a suburb of Milwaukee. CIB Marine owns and operates CIBM Bank, an Illinois chartered commercial bank headquartered in Champaign, Illinois. CIBM Bank offers a full array of traditional banking services, including a broad range of loan products such as commercial loans, commercial real estate loans, commercial and residential construction loans, government guaranteed loans, one-to-four family residential real estate loans, home equity loans, consumer loans, and commercial and standby letters of credit; consumer and commercial deposit accounts, including savings, checking, and time deposits; cash management; repurchase agreements; and other traditional community banking services.
For further information or inquiries, please contact:
- Patrick Roberts, Chief Revenue Officer, MountainSeed
– Email: [email protected]
– Phone: (404) 710-9642
- Brian Chaffin, President & Chief Executive Officer, CIB Marine Bancshares, Inc. & CIBM Bank
– Email: [email protected]
– Phone: (317) 542-5700
Forward-Looking Statements
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