First Seacoast Bancorp Files 8-K
Ticker: FSEA · Form: 8-K · Filed: Jun 17, 2024 · CIK: 1943802
| Field | Detail |
|---|---|
| Company | First Seacoast Bancorp, Inc. (FSEA) |
| Form Type | 8-K |
| Filed Date | Jun 17, 2024 |
| Risk Level | low |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.01, $7.5 million, $2.5 million, $678,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, disclosure, financials
Related Tickers: FSEA
TL;DR
First Seacoast Bancorp (FSEA) filed an 8-K on June 11, 2024, reporting a material definitive agreement.
AI Summary
On June 11, 2024, First Seacoast Bancorp, Inc. entered into a material definitive agreement. The filing also includes other events and financial statements/exhibits. The company is a federally chartered savings institution based in Dover, New Hampshire.
Why It Matters
This filing indicates a significant event or agreement for First Seacoast Bancorp, Inc., which could impact its business operations and financial standing.
Risk Assessment
Risk Level: low — The filing is a standard disclosure of a material agreement and does not inherently suggest immediate financial distress or significant negative events.
Key Numbers
- 0000943374-24-000256 — Accession Number (Unique identifier for the filing)
Key Players & Entities
- First Seacoast Bancorp, Inc. (company) — Registrant
- June 11, 2024 (date) — Date of earliest event reported
- 633 Central Avenue, Dover, New Hampshire 03820 (location) — Principal Executive Offices
- 001-41597 (identifier) — SEC File Number
FAQ
What is the nature of the material definitive agreement entered into by First Seacoast Bancorp, Inc. on June 11, 2024?
The filing does not specify the details of the material definitive agreement, only that one was entered into on June 11, 2024.
What is the primary business of First Seacoast Bancorp, Inc.?
First Seacoast Bancorp, Inc. is a federally chartered savings institution.
Where are First Seacoast Bancorp, Inc.'s principal executive offices located?
The principal executive offices are located at 633 Central Avenue, Dover, New Hampshire 03820.
What is the SEC file number for First Seacoast Bancorp, Inc.?
The SEC file number is 001-41597.
What is the accession number for this 8-K filing?
The accession number for this filing is 0000943374-24-000256.
Filing Stats: 670 words · 3 min read · ~2 pages · Grade level 9.3 · Accepted 2024-06-17 16:20:25
Key Financial Figures
- $0.01 — ich Registered Common stock, par value $0.01 per share FSEA The Nasdaq Stock Mar
- $7.5 million — a cash purchase price of approximately $7.5 million. Pursuant to the Master Lease, the Tena
- $2.5 million — cognize a pre-tax gain of approximately $2.5 million on this sale-leaseback transaction. The
- $678,000 — annual lease payments of approximately $678,000 for the Properties. The foregoing desc
Filing Documents
- form8k.htm (8-K) — 28KB
- ex10-1.htm (EX-10.1) — 497KB
- ex10-2.htm (EX-10.2) — 71KB
- ex99-1.htm (EX-99.1) — 12KB
- image00001.jpg (GRAPHIC) — 7KB
- 0000943374-24-000256.txt ( ) — 878KB
- fsea-20240611.xsd (EX-101.SCH) — 4KB
- fsea-20240611_lab.xml (EX-101.LAB) — 23KB
- fsea-20240611_pre.xml (EX-101.PRE) — 16KB
- form8k_htm.xml (XML) — 4KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On June 11, 2024, First Seacoast Bank (the "Tenant"), the wholly-owned subsidiary of First Seacoast Bancorp, Inc. (the "Company"), and FNLR 1SEA LLC (the "Landlord") entered into a Master Lease (the "Master Lease") providing for the lease of four real properties (the "Properties") formerly owned by the Tenant. The Properties comprise the Tenant's main office and branch offices. Concurrent with the execution of the Master Lease, the Tenant sold the Properties to the Landlord for a cash purchase price of approximately $7.5 million. Pursuant to the Master Lease, the Tenant will lease the Properties for an initial term of 15 years, with one renewal option of 15 years. Also concurrent with the execution of the Master Lease, the Company entered into a Guaranty of Lease in favor of the Landlord, providing for the guaranty of the Tenant's obligations under the Master Lease. The Tenant expects to recognize a pre-tax gain of approximately $2.5 million on this sale-leaseback transaction. The Master Lease provides for aggregate annual lease payments of approximately $678,000 for the Properties. The foregoing description of the Master Lease and the Guaranty of Lease is qualified in its entirety by reference to the Master Lease and the Guaranty of Lease, which are filed as exhibits hereto and incorporated in this Item 1.01 by reference.
01. Other Events
Item 8.01. Other Events. On June 17, 2024, First Seacoast Bank and Mountainseed Real Estate Services, LLC issued a joint press release announcing the sale leaseback transaction. A copy of the press release is furnished as an exhibit hereto and is incorporated into this Item 8.01 by reference.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits 10.1 Master Lease dated June 11, 2024 10.2 Guaranty of Lease dated June 11, 2024 99.1 Joint Press Release dated June 17, 2024 104 Cover Page Interactive Data File (Embedded within Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. Dated: June 17, 2024 FIRST SEACOAST BANCORP, INC. By: /s/ James R. Brannen James R. Brannen President and Chief Executive Officer