PLUMAS BANCORP RELOCATES ITS CORPORATE HEADQUATERS TO RENO, NEVADA

Rhea-AI Summary

Plumas Bancorp (Nasdaq:PLBC) has relocated its corporate office to Reno, Nevada, reinforcing its dedication to serving Northern Nevada's small to mid-sized businesses. The bank has a significant presence in the region, including a loan production office since 2006 and branches opened in 2015 and 2018. As of December 31, 2020, Plumas Bancorp reported assets of $1.1 billion, deposits of $974 million, and loans of $710 million. The move aims to enhance access to capital for local business owners, demonstrating a commitment to the community and regional growth.

Positive

• Relocation of corporate office to Reno enhances service availability for Northern Nevada businesses.
• Plumas Bancorp reported solid financials with $1.1 billion in assets and $710 million in loans as of December 2020.
• Active engagement in community development through facilitating over 1,800 Paycheck Protection Program loans.

Negative

• None.

RENO, Nev., March 15, 2021 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank, today announced the relocation of its corporate office to 5525 Kietzke Ln., Reno, Nevada. The move by Plumas Bancorp demonstrates its ongoing commitment to increase services for businesses based in the Northern Nevada region. Plumas Bank first opened a loan production office in Reno in 2006 followed by branches in Reno and Carson City in 2015 and 2018, respectively.

“Northern Nevada continues to attract a diverse base of small businesses, and those business owners need access to capital to thrive and expand,” said Andrew J. Ryback, president and CEO of Plumas Bancorp and Plumas Bank. “As a community bank, we serve the small to mid-sized businesses that are often overlooked by larger financial institutions or that need more flexibility than large banks can offer. We are committed to offering the same level of service to the Northern Nevada region that we have historically provided in our established footprint in Northeastern California.” Plumas Bank will remain headquartered in Quincy, California and Ryback will split his time between the bank’s administrative office in Quincy and Plumas Bancorp’s corporate office in Reno.

“Plumas Bank has invested in our community and our businesses for years, and has been a community leader, partner and supporter of EDAWN since 2007,” said Mike Kazmierksi, president and CEO, Economic Development Authority of Western Nevada. “Establishing the bank’s holding company in Nevada gives our community and local business owners access to the Bancorp’s leadership and contributes to our pro-business environment in Northern Nevada.”

Plumas Bank was established in 1980 by community-minded business leaders in Quincy, California. The bank’s holding company, Plumas Bancorp, was formed in 2002 and entered the Nasdaq small cap market in 2005. As of December 31, 2020, Plumas Bancorp had assets of $1.1 billion, deposits of $974 million and loans of $710 million. It has received ongoing recognition by Raymond James and Associates, Piper Sandler and The Findley Reports as one of the top performing community banks in the country.

Over the last year, Plumas Bank facilitated the distribution of funds through the paycheck protection program to more than 1,800 businesses. “With Plumas Bank headquartered only an hour and a half away and the holding company headquartered here locally, Plumas Bancorp is demonstrating a long-term commitment to this community. That makes a difference to the business owners who live here,” said Nevada business leader and Plumas Bancorp director Michonne Ascuaga.

Nevada business leaders Richard Kenny and state Sen. Heidi Gansert are also directors of the Plumas Bancorp board. “Both our Nevada and California communities are well represented by our board of directors, and our directors understand the needs of businesses across our entire footprint,” added Ryback. “Together we’ve grown the bank to become an SBA preferred lender, a commercial lending partner and a personal banking network.”

About Plumas Bancorp and Plumas Bank

Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Northeastern California. The bank operates thirteen branches: eleven located in the northern California counties of Plumas, Lassen, Placer, Nevada, Modoc and Shasta and two branches located in the northern Nevada counties of Washoe and Carson City. The bank also operates three loan production offices: two located in the northern California counties of Placer and Butte and one located in the southern Oregon county of Klamath. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words "believe," "expect," "anticipate," "intend," "plan," "estimate," or words of similar meaning, or future or conditional verbs such as "will," "would," "should," "could," or "may." These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management's views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company's ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company's operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

FAQ

What is the significance of Plumas Bancorp's move to Reno, Nevada?

The relocation aims to enhance services for small to mid-sized businesses in Northern Nevada, reflecting the company's commitment to local economic development.

How much in assets and loans did Plumas Bancorp report as of December 2020?

Plumas Bancorp reported assets of $1.1 billion and loans amounting to $710 million as of December 31, 2020.

What services does Plumas Bank provide to Northern Nevada businesses?

Plumas Bank offers a range of financial services including access to capital, particularly for small to mid-sized businesses that may be overlooked by larger banks.

How has Plumas Bancorp contributed to local businesses during the pandemic?

Plumas Bancorp facilitated the distribution of Paycheck Protection Program funds to over 1,800 businesses, supporting local economies during the pandemic.