Harleysville National Bank in Pennsylvania has entered into a definitive agreement to sell 16 properties to American Realty Capital LLC in a sale-leaseback transaction.
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Harleysville National is to retain control of the properties. But the agreement calls for the bank to sell them and then enter into long-term operating leases with American Realty, according to the bank's parent company, Harleysville National Corp.
The agreement is expected to close by yearend, the company said Wednesday.
