County Bancorp, Inc. (NASDAQ:ICBK) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
On January15, 2018, to that certain Real Estate Purchase and Sale Agreement, dated as of December8, 2017, as amended on December19, 2017 (the “Purchase Agreement”), by and between The Manitowoc Company, Inc. (“Seller”) and Investors Community Bank, the wholly owned banking subsidiary of County Bancorp, Inc. (the “Company”), the Company completed its inspection and investigation of an office building, located at 2400 S. 44th Street, Manitowoc, Wisconsin (the “Property”). Because the Inspection Period (as defined in the Purchase Agreement) ended without termination of the Purchase Agreement, the Company has elected to proceed on closing on the purchase of the Property, which, to the Purchase Agreement, will occur no later than March30, 2018. to the Purchase Agreement, the purchase price is $5.0million. The Company has paid $250thousand in earnest money, which will be applied to reduce the amount of the purchase price payable by the Company to the Seller at closing.
The Purchase Agreement contains representations, warranties and covenants that are customary of real estate purchase and sale agreements. The office building on the Property is expected to become the headquarters for the Company at a later date.
Copies of the Purchase Agreement, including the First Amendment thereto, are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated by reference herein. The foregoing description of the Purchase Agreement is qualified in its entirety by reference to Exhibits 10.1 and 10.2.
On January15, 2018, the Company issued a press release announcing the purchase of the Property. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 1.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
| 10.1 | Real Estate Purchase and Sale Agreement, dated as of December8, 2017, by and between The Manitowoc Company, Inc. and Investors Community Bank |
| 10.2 | First Amendment to Real Estate Purchase and Sale Agreement, dated as of December19, 2017, by and between The Manitowoc Company, Inc. and Investors Community Bank |
| 99.1 | Press Release of County Bancorp, Inc., dated January15, 2018 |
County Bancorp, Inc. ExhibitEX-10.1 2 d522922dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 REAL ESTATE PURCHASE AND SALE AGREEMENT This Real Estate Purchase and Sale Agreement (this “Agreement”) is dated as of December 8,…To view the full exhibit click here
About County Bancorp, Inc. (NASDAQ:ICBK)
County Bancorp, Inc. is a bank holding company. The Company’s primary activities consist of holding the stock of its subsidiary bank, Investors Community Bank (the Bank), and providing banking and related business activities through the Bank and its other subsidiaries. It operates in the community banking segment. The Bank is an independent community bank offering financial services focusing on the needs of agricultural businesses, with a primary focus on dairy-related lending with lending relationships in over 60 Wisconsin counties. It also serves business and retail customers throughout Wisconsin, but is focused on northeastern and central Wisconsin. Its customers are served from its service branches in Manitowoc and Stevens Point, and its loan production offices located in Darlington, Eau Claire, Fond du Lac, and Sheboygan. Its subsidiaries include Investors Insurance Services, LLC, County Bancorp Statutory Trust II, County Bancorp Statutory Trust III and County Acquisition LLC.
