FRANKLIN FINANCIAL NETWORK, INC. (NYSE:FSB) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On July25, 2017, Franklin Synergy Bank (the “Bank”), a wholly-owned subsidiary of Franklin Financial Network, Inc. (the “Company”), and Petra Real Estate Partners II, LLC entered into a Triple Net Office Lease Agreement (the “Spring Hill Lease”). The Spring Hill Lease relates to the relocation of the Bank’s Spring Hill, Tennessee branch, which is currently located at 2035 Wall Street, Spring Hill, Tennessee 37174, to the premises subject to the Spring Hill Lease, which is located at 4824 Main Street, Suite 120, Spring Hill, Tennessee 37174. Petra Real Estate Partners II, LLC is an affiliate of Henry W. Brockman and Dr.DavidH. Kemp, each of whom is a director of the Bank. The Spring Hill Lease has a term of 15 years, which the Bank has the option to renew for two successive five year periods, and provides for monthly rent payments of $10,176.58 per month for the first year of the term of the Spring Hill Lease, subject to annual adjustment thereafter.
On July25, 2017, the Bank also entered into a Lease Agreement with SS McEwen, LLC related to a new branch in Franklin, Tennessee currently in development (the “Carothers Lease”). The Carothers Lease has a term of 10 years, which the Bank has the option to renew for two successive five year periods, and provides for monthly rent payments of $12,600.00 per month for the first year of the term of the Carothers Lease, subject to annual adjustment thereafter.
The foregoing summaries of the Spring Hill Lease and the Carothers Lease do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Spring Hill Lease and the Carothers Lease, filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 1.01. | Financial Statements and Exhibits. |
(d) Exhibits.
|
Exhibit Number |
Description |
| 10.1 | Triple Net Office Lease Agreement, by and between Petra Real Estate Partners II, LLC and Franklin Synergy Bank |
| 10.2 | Lease Agreement, by and between SS McEwen, LLC and Franklin Synergy Bank |
Franklin Financial Network Inc. ExhibitEX-10.1 2 d423120dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 TRIPLE NET OFFICE LEASE AGREEMENT THIS TRIPLE NET OFFICE LEASE AGREEMENT (this “Lease”) is made and entered into on this 25th day of July ,…To view the full exhibit click here
About FRANKLIN FINANCIAL NETWORK, INC. (NYSE:FSB)
Franklin Financial Network, Inc. is a financial holding company. Through its bank subsidiary, Franklin Synergy Bank (the Bank), a commercial bank, the Company provides a range of banking and related financial services. The Company focuses on the provision of services to small businesses, corporate entities, local governments and individuals. It operates through approximately 10 branches in Williamson and Rutherford counties within the Nashville metropolitan area. The Company’s loan portfolio consists of real estate loans, including construction and land development loans, commercial loans and residential loans; commercial and industrial, and consumer and other loans. The Company’s investment securities portfolio consists of both securities classified as available-for-sale and securities classified as held-to-maturity. The Company’s primary sources of funds include deposits.
