Plumas Bank Releases 2024 Corporate Citizenship Report

Rhea-AI Summary

Plumas Bank, a subsidiary of Plumas Bancorp (NASDAQ: PLBC), has released its 2024 Corporate Citizenship Report. The report highlights the bank's commitment to best industry practices and community investment. Key focus areas include governance measures, client support, employee development, and community involvement.

Notable achievements include:

• Early adoption of FedNow technology
• Increased employee volunteer hours to 629 in 2023
• Implementation of a leadership training program
• Commitment to living wages and employee incentives
• Environmental initiatives, including solar panel systems at multiple branches

The report underscores Plumas Bank's dedication to community-focused banking and its role in supporting regional economic growth.

Positive

• Early adoption of FedNow technology, placing Plumas Bank among the first 10% of banks in the San Francisco Federal Reserve District to implement it
• Increase in employee volunteer hours to 629 in 2023, including 88 hours of financial literacy education for 2,966 students
• Implementation of a leadership training program in 2024 for internal talent development
• Provision of employee educational support up to $5,000 annually
• Commitment to paying living wages, consistently exceeding minimum wage requirements for the past five years
• Installation of solar panel systems at multiple branches to offset electrical usage

Negative

• None.

Findings detail bank’s commitment to the communities in which it operates

Reno, Nev., Sept. 03, 2024 (GLOBE NEWSWIRE) -- Plumas Bank, a wholly-owned subsidiary of Plumas Bancorp, is pleased to publish its 2024 Corporate Citizenship Report, providing investors, employees and partners an update about its efforts to instill best industry practices and forward-thinking investments in every aspect of the bank’s operations.

“Corporate citizenship is deeply embedded in our organization, and as we continue to grow, our actions will consistently align with our promise to help our clients achieve big things,” said Andrew Ryback, President and CEO of Plumas Bank. “We’re proud to present this report to our stakeholders and investors, as it demonstrates our bank’s unwavering commitment to prioritizing our clients and continually improving how we do our work.”

The full corporate citizenship report can be found on Plumas Bancorp’s investor relations website. The report covers several key areas of focus for the bank including governance measures, client support efforts, and investments in Plumas Bank team members, as well as in the communities within the Plumas Bank footprint. Some of the highlights from the 2024 Corporate Citizenship Report include:

• Technological development: Plumas Bank continues to assess opportunities for technology implementation to enhance efficiency, reduce environmental impacts, and better serve clients. Plumas Bank is amongst the first 10% of banks in the San Francisco Federal Reserve District to implement FedNow as a receiving institution.
• Client Support: Plumas Bank’s policies allow for fee waivers, loan deferments, and other forms of client support in the event of client hardship.
• Employee Educational Support: Employee educational support of up to $5,000 annually available. Additionally, some employees attend banking school and other career-related training paid for by Plumas Bank.
• Community Volunteerism & Financial Literacy: Plumas Bank employees’ volunteer hours increased to 629 in 2023, including 88 hours of financial literacy education for 2,966 students in local schools in 2023.
• Professional development: Plumas Bank initiated a leadership training program in 2024 to further develop internal talent.
• Living Wages: starting pay at Plumas Bank consistently exceeds minimum wage requirements and has for the past five years.
• Environmental monitoring: Plumas Bank assessed electrical usage across our branch and administrative facilities, with solar panel systems offsetting usage at the Chico, Quincy, Truckee, and Yuba City branches.
  
• Shared Success: Plumas Bank provides a non-equity incentive plan paid annually to all employees regularly scheduled to work at least 20 hours per week. Additionally, stock options are awarded at all titled levels.

“Plumas Bank has consistently grown and refined its operating practices to deliver best-in-class service to our clients and superior returns for our investors; this Corporate Citizenship Report highlights our company’s hard work and dedication to serving our communities,” said Heidi Seevers Gansert, board member and chair of Plumas Bank’s Corporate Governance & Compensation Committee.

Plumas Bank was founded in 1980 by a group of local business owners in Quincy, California, with a mission to create a community-focused bank. Over the years, it expanded throughout Northern California and Nevada, growing steadily and acquiring several branches, including entering the NASDAQ market in 2005. The bank remains committed to its local roots, emphasizing personalized service, community impact, and employee dedication. Today, with over 200 team members, Plumas Bank is a key financial institution in the region, contributing significantly to the local economy.

“Financial institutions like Plumas Bank are the foundation of regional economies and are essential to business growth and community prosperity,” added Heidi Seevers Gansert, who also serves as a Nevada State Senator. “As demonstrated by our Corporate Citizenship Report, Plumas Bank continues to lead the way through implementing high governance standards, being transparent about business practices and giving back directly to the communities where we operate.”

To read the full 2024 Corporate Citizenship Report, visit Plumas Bancorp’s investor relations website.

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About Plumas Bancorp and Plumas Bank
Plumas Bank is a locally managed, award-winning community bank founded in 1980 and headquartered in Quincy, California. It is a subsidiary of Plumas Bancorp (NASDAQ: PLBC), a bank holding company headquartered in Reno, Nevada. With 15 branch offices serving Northeastern California and Northern Nevada, and loan production offices in California and southern Oregon, Plumas Bank offers a wide range of financial services to consumers and businesses and is a Preferred Lender with the U.S. Small Business Administration. Member FDIC. Equal Housing Lender. For more information regarding Plumas Bancorp and Plumas Bank, visit plumasbank.com

FAQ

What are the key highlights of Plumas Bank's 2024 Corporate Citizenship Report?

The key highlights include early adoption of FedNow technology, increased employee volunteer hours to 629 in 2023, implementation of a leadership training program, commitment to living wages, and environmental initiatives such as solar panel systems at multiple branches.

How does Plumas Bank (PLBC) support its employees' professional development?

Plumas Bank offers employee educational support of up to $5,000 annually, pays for some employees to attend banking school and other career-related training, and initiated a leadership training program in 2024 to develop internal talent.

What community involvement initiatives does Plumas Bank (PLBC) engage in?

Plumas Bank employees contributed 629 volunteer hours in 2023, including 88 hours of financial literacy education for 2,966 students in local schools. The bank also supports community prosperity through its operations and services.

How does Plumas Bank (PLBC) address environmental concerns in its operations?

Plumas Bank has assessed electrical usage across its branches and administrative facilities, and has installed solar panel systems to offset usage at the Chico, Quincy, Truckee, and Yuba City branches.