In this transformational deal, MountainSeed will acquire three key branches from The Citizens Bank and lease them back over a 15-year term, with a total purchase price of $10.84 million. MountainSeed and The Citizens Bank worked together to come up with this collaborative strategy, and the partnership shows the strength of each organization.
“It has been an absolute pleasure working with such a professional and strong organization in The Citizens Bank. We are enthusiastic about our partnership ahead and are confident that the Bank will be a strong, long-term tenant. Most importantly, I was excited to see the very positive balance sheet implications for the Bank by closing on this transaction. They have an incredibly thoughtful leadership team and are taking advantage of a strategy that adds tremendous flexibility and creates opportunity to manage their balance sheet”, stated Patrick Roberts, Chief Revenue Officer at MountainSeed.
Phillip Branch, Chief Financial Officer, at The Citizens Bank noted, “Through the sale-leaseback with MountainSeed, the Bank has monetized non-earning assets, enhancing balance sheet flexibility and positioning the Bank to better execute on our long-term, strategic plan. We value MountainSeed’s partnership and look forward to exploring further strategic opportunities in the future.”
As we celebrate this milestone, we extend our gratitude to The Citizens Bank for their trust and confidence in MountainSeed. We are confident this relationship will continue to yield positive outcomes for both parties, contributing to our shared success.
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 acquirer of bank branches through sale leaseback transactions. 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.
For further information or inquiries, please contact:
Patrick Roberts, Chief Revenue Officer, MountainSeed
Email: [email protected]
Phone: 404-710-9642