Quaint Oak Bancorp Enters into Agreement to Sell Property

On October 23, 2024, Quaint Oak Bancorp, Inc. (OTCMKTS:QNTO), a Pennsylvania corporation and the holding company for Quaint Oak Bank, announced that it had entered into an Agreement for Purchase and Sale of Property with Mountainseed Real Estate Services, LLC, a Georgia limited liability company. The agreement entails the sale of property situated at 1710 Union Boulevard, Allentown, Pennsylvania, to the Buyer for a purchase price of $2,940,000 with the Buyer agreeing to lease back the property to the Bank.

The Property in question currently accommodates the Bank’s Lehigh Valley banking office, serves as administrative offices for some of the Bank’s subsidiary companies, and includes leased space to a third-party real estate firm. The sale is expected to close within thirty days after the expiration of an inspection period that extends up to forty-five days after the Effective Date of the Agreement, subject to potential extensions.

As per the terms laid out in the Agreement, the Buyer will lease the Property back to the Bank upon closing. The lease is set for an initial term of fifteen years, with an initial annual fixed rent of $279,300 and subject to adjustments. The Bank’s obligations under the lease will be guaranteed by Quaint Oak Bancorp. Both parties are expected to work towards finalizing the specifics of the lease and financing documents before the Inspection Date.

The Agreement also includes customary representations and warranties from each party involved. A comprehensive overview of the Agreement can be found in Exhibit 10.1 attached to the filed report with the Securities and Exchange Commission (SEC).

In other financial disclosures, Quaint Oak Bancorp did not register any new securities under Section 12(b) of the Act. The company provided the required financial statements and included relevant exhibits as part of the filing.

The Monthly Account Statement of United States 12 Month Natural Gas Fund, LP, for the month ended September 30, 2024, was also included in the filing. It reported details of income, expenses, and changes in net asset value over the stated period. The information in this Account Statement is represented as accurate and complete by the Chief Financial Officer of United States Commodity Funds LLC, the General Partner of the fund.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Quaint Oak Bancorp’s 8K filing here.

About Quaint Oak Bancorp

Quaint Oak Bancorp, Inc operates as the holding company for Quaint Oak Bank that provides banking products and services in Pennsylvania. It offers various deposit products, including money market accounts, certificates of deposit, interest and non-interest-bearing checking accounts for businesses and consumers, and savings accounts.