BRBW - Brunswick Bancorp contracts for sale of its NPA a parcel of real estate

Brunswick Bancorp ([[BRBW]] +3.6%) entered into a contract of sale for its largest non-performing asset, a parcel of real estate taken in connection with the bank's efforts to realize on a defaulted loan.The purchase price under the contract, net of costs of sale, is in excess of the bank’s carrying value for the propertyThe sale is subject to terms and contingencies typical for commercial real estate sales, including a buyer diligence period and a period for both the buyer and seller to satisfy the conditions to closing in the contract, which include the buyer obtaining certain development approvals.

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Brunswick Bancorp contracts for sale of its NPA, a parcel of real estate