EMBASSY BANCORP, INC. (OTCMKTS:EMYB) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Entry into a Material Definitive Agreement.
On December 28, 2018, Embassy Bank for the Lehigh Valley (the “Bank”), the primary operating subsidiary of Embassy Bancorp, Inc. (the “Company”), exercised its option to extend the term of the lease of the Bank’s branch office located at Route 378 & Colesville Road in Lower Saucon Township, Pennsylvania for an additional five years.The new term continues through August 16, 2024.In connection with this extension, the Bank entered into a Lease Amendment (the “Amendment”) with Pierpont Slater Properties providing for a reduction in the annual rent escalator from 2.75% under the original lease to 1.5%.
The foregoing summary of the Amendment is qualified in its entirety by reference to the full text of the Amendment, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 1.01. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit No. |
Description of Exhibit |
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10.1 |
Lease Amendment dated December 28, 2018 by and between Embassy Bank for the Lehigh Valley and Pierpont Slater Properties. |
Embassy Bancorp, Inc. Exhibit
EX-10.1 2 emyb-20181231xex10_1.htm EX-10.1 2018_1228 – Exhibit 101 – SV Lease Amendment LEASE AMENDMENT THIS LEASE AMENDMENT (this “Amendment”) is dated as of December 28,…
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About EMBASSY BANCORP, INC. (OTCMKTS:EMYB)
Embassy Bancorp, Inc. is a bank holding company. The Company’s operating subsidiary is Embassy Bank for the Lehigh Valley (the Bank). The Company acts as an independent community financial services provider, and offers traditional banking and related financial services to individual, business and government customers. The Company offers a range of commercial and retail financial services, including the taking of time, savings and demand deposits; the making of commercial, consumer, residential mortgage and home equity loans, and the providing of other financial services. The Company’s loan portfolio consists of secured fixed-rate and variable-rate loans, with a concentration in commercial-purpose transactions and consumer residential mortgage and home equity loans. The Company’s securities available for sale include the United States Government agency obligations, municipal bonds and the United States Government sponsored enterprise (GSE)-mortgage-backed securities-residential.