DCB Financial has agreed to sell its headquarters in Lewis Center, Ohio, for $8.2 million.
The $542 million-asset company said in a press release Wednesday that it will lease the property back from United Trust Fund in Coral Gables, Fla. DCB will sign a 15-year lease and retain the building as its headquarters, with an option to sign two additional ten-year extensions.
DCB will also have a right of first refusal to buy the building after the first 36 months of the lease. DCB also plans to reconfigure its use of the building's square footage, with the goal of subleasing a portion of the property.
DCB did not disclose the amount of the proposed lease payments. DCB plans to redeploy its projected cost savings into loans, Ronald Seiffert, the company's chief executive, said in a news release.
The sale-leaseback agreement is expected to close in the fourth quarter.
Porter Wright advised DCB. Kutak Rock advised United Trust Fund.