Plumas Bancorp and Cornerstone Community Bancorp jointly announce the signing of a definitive merger agreement whereby Plumas will acquire Cornerstone in a stock and cash transaction valued at approximately $64.6 million based on the closing price of $47.76 for Plumas shares on Jan. 28, 2025.
On a pro forma consolidated basis, the combined company would have approximately $2.3 billion in assets, $2.0 billion in deposits, $1.5 billion in loans, and operate 19 branches throughout Northern California and Western Nevada.
Cornerstone, headquartered in Red Bluff, California, is the parent company of Cornerstone Community Bank, a 19-year-old bank with approximately $658 million in assets as of Dec. 31, 2024. Cornerstone Community Bank operates through four branches throughout the Northern California counties of Shasta and Tehama.
“We are thrilled to announce our merger agreement with Cornerstone,” said Andrew J. Ryback, President and Chief Executive Officer, Plumas Bancorp. “Our companies share a connection to the people and businesses who have built their livelihoods throughout Northern California. Bringing together the team of local experts at Cornerstone Community Bank with Plumas Bank’s technology and small business expertise offers even greater services for the markets we serve. We look forward to providing long-term value to our combined shareholders, clients, team members, and the communities we serve.”
Full story at Lassennews.com
