Quaint Oak Bancorp Enters Material Definitive Agreement

TL;DR

QOB entered a big deal, details TBD.

AI Summary

On October 23, 2024, Quaint Oak Bancorp, Inc. entered into a material definitive agreement. The filing does not disclose specific details of the agreement or any associated dollar amounts. The company is incorporated in Pennsylvania and its principal executive offices are located at 501 Knowles Avenue, Southampton, PA 18966.

Why It Matters

This filing indicates a significant new agreement for Quaint Oak Bancorp, Inc., which could impact its future operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details about the material definitive agreement introduces uncertainty regarding its potential impact on the company.

Key Players & Entities

• QUAINT OAK BANCORP, INC. (company) — Registrant
• October 23, 2024 (date) — Date of earliest event reported
• 501 Knowles Avenue, Southampton, Pennsylvania 18966 (location) — Address of principal executive offices
• Pennsylvania (location) — State of incorporation

FAQ

Key Financial Figures

• $2,940,000 — the "Property") for a purchase price of $2,940,000 (the "Purchase Price") and the Buyer ag
• $279,300 — ars and an initial annual fixed rent of $279,300, subject to adjustment. The obligations

Filing Documents

• qnto20241028_8k.htm (8-K) — 33KB
• ex_738523.htm (EX-10.1) — 190KB
• 0000927089-24-000149.txt ( ) — 380KB
• qnto-20241023.xsd (EX-101.SCH) — 3KB
• qnto-20241023_def.xml (EX-101.DEF) — 10KB
• qnto-20241023_lab.xml (EX-101.LAB) — 14KB
• qnto-20241023_pre.xml (EX-101.PRE) — 10KB
• qnto20241028_8k_htm.xml (XML) — 3KB

01 Entry Into a Material Definitive Agreement

Item 1.01 Entry Into a Material Definitive Agreement Effective as of October 23, 2024 (the "Effective Date"), Quaint Oak Bancorp, Inc., a Pennsylvania corporation (the "Company") and the holding company for Quaint Oak Bank (the "Bank"), entered into an Agreement for Purchase and Sale of Property (the "Agreement") with Mountainseed Real Estate Services, LLC, a Georgia limited liability company (the "Buyer"). Pursuant to the Agreement, the Company agreed to sell to the Buyer property located at 1710 Union Boulevard, Allentown, Pennsylvania (the "Property") for a purchase price of $2,940,000 (the "Purchase Price") and the Buyer agreed to lease back the Property to the Bank. The Property is currently used in part as the Bank's Lehigh Valley banking office, as administrative offices for several of the Bank's subsidiary companies, and a portion of the Property is also subleased to a third-party real estate company. The sale of the Property shall close (the "Closing Date") on a date mutually acceptable to the Company and the Buyer within thirty (30) days after the expiration of a reasonable inspection period up to forty-five (45) days after the Effective Date of the Agreement (the "Inspection Date") granted to the Buyer to evaluate and study the Property, subject to extension. Buyer has the one time right to extend the inspection period by up to thirty (30) days by providing written notice to the Company. The Buyer has the right to extend the Closing Date by up to thirty (30) days, provided that the Closing Date may not be later than December 31, 2024. In addition to Buyer's right to inspect the Property, Buyer has the right to terminate the Agreement prior to the Inspection Date. Pursuant to the Agreement, the Buyer will, concurrently with the Closing, lease the Property to the Bank by execution of a lease and occupancy agreement in a form agreed to by the Company, the Buyer and the Bank. The Bank will continue to use the Property as an administrative office and will

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits The following exhibit is included with this Report: Exhibit Number Description 10.1 Agreement for Purchase and Sale of Property between Quaint Oak Bancorp, Inc. and Mountainseed Real Estate Services, LLC, dated October 23, 2024 (without exhibits) 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2

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 thereunto duly authorized. QUAINT OAK BANCORP, INC. Date: October 29, 2024 By: /s/John Augustine John J. Augustine Executive Vice President and Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR