PLUMAS BANCORP ACQUIRES CORNERSTONE COMMUNITY BANCORP
Plumas Bancorp (Nasdaq: PLBC) has completed its acquisition of Cornerstone Community Bancorp for approximately $61.3 million, effective July 1, 2025. The transaction terms included 0.6608 shares of Plumas common stock and $9.75 in cash for each Cornerstone share.
The merger adds four branches in Anderson, Red Bluff, and Redding, California. On a pro forma basis, the combined entity now has total assets of $2.3 billion, loans of $1.5 billion, and deposits of $1.9 billion. Ken Robison joins Plumas's board, while Matthew B. Moseley assumes the role of Executive Vice President and Market President.
Plumas Bancorp (Nasdaq: PLBC) ha completato l'acquisizione di Cornerstone Community Bancorp per circa 61,3 milioni di dollari, con effetto dal 1掳 luglio 2025. Le condizioni della transazione prevedevano 0,6608 azioni ordinarie di Plumas e 9,75 dollari in contanti per ogni azione di Cornerstone.
La fusione aggiunge quattro filiali situate ad Anderson, Red Bluff e Redding, in California. Su base pro forma, l'entit脿 combinata dispone ora di attivi totali per 2,3 miliardi di dollari, prestiti per 1,5 miliardi di dollari e depositi per 1,9 miliardi di dollari. Ken Robison entra nel consiglio di amministrazione di Plumas, mentre Matthew B. Moseley assume il ruolo di Vicepresidente Esecutivo e Presidente di Mercato.
Plumas Bancorp (Nasdaq: PLBC) ha completado la adquisici贸n de Cornerstone Community Bancorp por aproximadamente 61,3 millones de d贸lares, con efecto a partir del 1 de julio de 2025. Los t茅rminos de la transacci贸n inclu铆an 0,6608 acciones ordinarias de Plumas y 9,75 d贸lares en efectivo por cada acci贸n de Cornerstone.
La fusi贸n a帽ade cuatro sucursales en Anderson, Red Bluff y Redding, California. En t茅rminos pro forma, la entidad combinada ahora cuenta con activos totales de 2,3 mil millones de d贸lares, pr茅stamos por 1,5 mil millones de d贸lares y dep贸sitos por 1,9 mil millones de d贸lares. Ken Robison se une a la junta directiva de Plumas, mientras que Matthew B. Moseley asume el cargo de Vicepresidente Ejecutivo y Presidente de Mercado.
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Plumas Bancorp (Nasdaq : PLBC) a finalis茅 l'acquisition de Cornerstone Community Bancorp pour environ 61,3 millions de dollars, effective au 1er juillet 2025. Les termes de la transaction incluaient 0,6608 actions ordinaires de Plumas et 9,75 dollars en esp猫ces pour chaque action de Cornerstone.
La fusion ajoute quatre agences 脿 Anderson, Red Bluff et Redding, en Californie. Sur une base pro forma, l'entit茅 combin茅e dispose d茅sormais de 2,3 milliards de dollars d'actifs totaux, 1,5 milliard de dollars de pr锚ts et 1,9 milliard de dollars de d茅p么ts. Ken Robison rejoint le conseil d'administration de Plumas, tandis que Matthew B. Moseley assume le r么le de vice-pr茅sident ex茅cutif et pr茅sident du march茅.
Plumas Bancorp (Nasdaq: PLBC) hat die 脺bernahme von Cornerstone Community Bancorp zum 1. Juli 2025 f眉r etwa 61,3 Millionen US-Dollar abgeschlossen. Die Transaktionsbedingungen sahen 0,6608 Aktien der Plumas-Stammaktien und 9,75 US-Dollar in bar f眉r jede Cornerstone-Aktie vor.
Die Fusion bringt vier Filialen in Anderson, Red Bluff und Redding, Kalifornien, hinzu. Auf Pro-forma-Basis verf眉gt die kombinierte Einheit nun 眉ber Gesamtverm枚gen von 2,3 Milliarden US-Dollar, Kredite von 1,5 Milliarden US-Dollar und Einlagen von 1,9 Milliarden US-Dollar. Ken Robison tritt in den Vorstand von Plumas ein, w盲hrend Matthew B. Moseley die Rolle des Executive Vice President und Market President 眉bernimmt.
- Combined entity reaches significant scale with $2.3 billion in total assets
- Strategic expansion with 4 new branches in Northern California markets
- Addition of $648 million in assets and $492 million in loans from Cornerstone
- Strengthened leadership team with experienced local executives
- Integration risks and potential disruption to business operations
- Cost savings realization uncertainty
- Potential challenges in retaining customers and employees during transition
Insights
Plumas Bancorp's $61.3M acquisition of Cornerstone strengthens regional banking presence, expanding assets to $2.3B with minimal integration risks.
Plumas Bancorp has completed its acquisition of Cornerstone Community Bancorp in a cash-and-stock transaction valued at
This strategic acquisition significantly enhances Plumas's market presence by adding four branches in Anderson, Red Bluff, and Redding, California. The transaction increases Plumas's scale substantially, creating a combined entity with approximately
From a strategic perspective, the merger appears well-structured for seamless integration. Cornerstone's President and CEO Matthew Moseley will continue with Plumas as Executive VP and Market President, ensuring operational continuity. Additionally, Cornerstone director Ken Robison joins Plumas's board, bringing valuable local market expertise and real estate knowledge.
The acquisition represents approximately a
This transaction follows the typical community bank consolidation playbook, where acquiring institutions seek to leverage their infrastructure across a broader asset base while gaining access to new markets and customer relationships. The retention of key Cornerstone leadership suggests Plumas is taking appropriate steps to preserve customer relationships and local market knowledge, which are critical success factors in community banking acquisitions.
RENO, Nev., July 02, 2025 (GLOBE NEWSWIRE) -- Plumas Bancorp (鈥淧lumas鈥�) (Nasdaq: PLBC) announced today the completion of its acquisition of Cornerstone Community Bancorp (鈥淐ornerstone鈥�), the holding company for Cornerstone Community Bank, effective July 1, 2025. On the same day, Cornerstone Community Bank merged with and into Plumas鈥檚 subsidiary, Plumas Bank. The transaction was previously announced on January 28, 2025.
Under the terms of the merger agreement between Plumas and Cornerstone, each issued and outstanding share of common stock of Cornerstone was converted into the right to receive a combination of 0.6608 shares of Plumas common stock and
鈥淲e are pleased to welcome the clients, employees, and shareholders of Cornerstone,鈥� said Andrew J. Ryback, President and Chief Executive Officer, Plumas Bancorp. 鈥淭his transaction is a pivotal milestone in our company鈥檚 evolution. By integrating Cornerstone Community Bank鈥檚 deep local expertise with Plumas Bank鈥檚 advanced technology and small business solutions, we are enhancing the services available to our communities. We look forward to providing long-term value to our combined shareholders, clients, team members, and communities we serve.鈥�
In accordance with the merger agreement, Plumas appointed Ken Robison, a director of Cornerstone, to the board of directors of Plumas and Plumas Bank effective as of July 1, 2025. Mr. Robison is president and broker/owner of Robison AG真人官方 Estate Corporation in Red Bluff, Calif., and former owner of RE/Max Top Properties. Robison is active in the Tehama and Shasta communities, previously serving on the Red Bluff City Council and as Mayor of Red Bluff for two terms. Robison holds an MBA from California State University, Chico.
In addition, Cornerstone鈥檚 President and Chief Executive Officer, Matthew B. Moseley, will continue with Plumas Bank as Executive Vice President and Market President. Moseley joined Cornerstone Community Bank in August 2011 as a senior vice president/credit administrator. He was promoted to positions as the bank鈥檚 executive vice president/chief lending officer, executive vice president/chief banking officer, and executive vice president/chief credit officer. In 2022, Moseley assumed the role of president and CEO of Cornerstone Community Bank and Cornerstone Community Bancorp. Moseley is an honors graduate of Simpson University and an honors graduate of Pacific Coast Banking School.
Director, President and Chief Executive Officer of Plumas Bancorp and Plumas Bank, Andrew J. Ryback, remarked, 鈥淲e are pleased to welcome Ken Robison to the board. His extensive involvement in communities within our expanded footprint and knowledge of real estate markets will help us grow and prosper in this region for years to come. We are also excited to welcome Matt Moseley to the executive team as Market President. His wealth of leadership experience, deep credit expertise, and strong regional connections will be invaluable in driving success for our company, clients, and the communities we serve.鈥�
Robison commented, 鈥淚 am grateful for the opportunity to serve on the Plumas Bancorp Board and excited to contribute to its ongoing success. The core values of Plumas Bank closely align with those of Cornerstone Community Bank, reinforcing a shared commitment to community growth. I am confident that Plumas Bank鈥檚 dedication to its communities will lead to enhanced services in the region. I look forward to supporting the bank鈥檚 efforts in delivering innovative financial solutions to small businesses, entrepreneurs, and families in northern California and beyond.鈥�
Moseley stated, 鈥淚 am thrilled to join Plumas Bank as we embark on this exciting new chapter together. The synergy between our teams, shared values, and commitment to excellence make this transition seamless and full of potential. I look forward to collaborating to drive innovation, enhance services, and create even greater opportunities for our clients and communities. This is a powerful moment for growth, and I am eager to contribute to the future success of our combined organizations.鈥�
As of March 31, 2025, Cornerstone had total assets of
With the addition of Cornerstone, on a pro forma combined basis, Plumas had total assets of approximately
Raymond James & Associates, Inc. served as financial advisor to Plumas in the transaction. Sheppard, Mullin, Richter & Hampton LLP served as legal counsel to Plumas. Performance Trust Capital Partners, LLC served as financial advisor to Cornerstone and delivered a fairness opinion to its board of directors. Gary Steven Findley & Associates served as legal counsel to Cornerstone.
Investor Relations Contact:
Plumas Bancorp
5525 Kietzke Lane Ste. 100
Reno, NV 89511
775.786.0907 x8908
[email protected]
Cautionary Note Regarding Forward-Looking Statements
This release contains 鈥渇orward-looking statements鈥� that are subject to the safe harbor provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include but are not limited to plans, expectations, projections, and statements about Plumas and the benefits of the merger and other statements that are not historical facts. Forward-looking statements involve risks and uncertainties that are difficult to predict. Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to the ability of Plumas successfully integrate Cornerstone鈥檚 business with its own; cost savings being less than anticipated; changes in economic conditions; the risk that the merger disrupts the business of Plumas, Cornerstone or both; difficulties in retaining senior management, employees or customers; and other factors that may affect the future results of the combined company. Further information regarding risk factors is contained in Plumas鈥檚 filings with the Securities and Exchange Commission, including its Form 10-K for the year ended December 31, 2024 and its registration statement on Form S-4 with respect to merger, copies of which are available on the SEC鈥檚 website at www.sec.gov and the investor relations section of Plumas鈥檚 website at www.plumasbank.com. Forward-looking statements made in this release speak only as of the date of this release. Plumas undertakes no obligation to revise or publicly release any revision or update to these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
FAQ
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