BayFirst Financial Corp. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Major Banks
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 31, 2024
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Item 1.01. Entry into a Material Definitive Agreement.
On December 23, 2024, BayFirst National Bank (the “Bank”), a wholly-owned subsidiary of BayFirst Financial Corp. (the “Company”), entered into an Agreement for Purchase and Sale of Property (the “Sale Agreement”) with Mountainseed Real Estate Services, LLC (“Mountainseed”). The Sale Agreement provides for the Bank’s sale to Mountainseed of the Bank’s Seminole and Countryside branch office properties for an aggregate cash purchase price of $15.00 million.
Mountainseed and the Bank have also agreed, concurrently with the closing of the sale of the properties, to enter a 15 year Master Lease (the “Lease”) pursuant to which the Bank will lease each of the properties. The Lease provides for annual rent of approximately $1.24 million for both properties.
The Company and the Bank closed the sale-leaseback transaction on December 31, 2024.
The foregoing summary description is qualified in its entirety by the Sale Agreement and the form of Lease. Copies of them are filed as Exhibits 10.1 and 10.2 to this report and are incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
| (d) Exhibits | |||||||||||||||||
| Exhibit Number | Exhibit Name | Filed Herewith | |||||||||||||||
| 10.1 | * | ||||||||||||||||
| 10.2 | * | ||||||||||||||||
| 104 | * | ||||||||||||||||
The information in this report (including the exhibits) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
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.
BAYFIRST FINANCIAL CORP. | ||||||||
| Date: | December 31, 2024 | |||||||
| By: | /s/ Scott J. McKim | |||||||
| Scott J. McKim | ||||||||
| Chief Financial Officer | ||||||||