Cornerstone Community Bancorp (“Cornerstone”) and Plumas Bancorp (“Plumas”) announced that Cornerstone’s shareholders approved the principal terms of the Agreement and Plan of Merger and Reorganization providing for the merger of Cornerstone with and into Plumas (the “Merger”) and the conversion of each outstanding share of Cornerstone common stock into the right to receive cash and stock of Plumas.
The completion of the Merger is subject to the satisfaction or waiver of the conditions set forth in the merger agreement. Plumas has received the bank regulatory approvals necessary to complete the Merger. The approval of Plumas shareholders is not required to complete the Merger.
Cornerstone and Plumas expect that the Merger will be completed in early July 2025.
“Our merger with Cornerstone is a pivotal milestone in our company’s evolution,” said Andrew J. Ryback, President and Chief Executive Officer of Plumas Bancorp. “Both institutions share a strong connection to the people and businesses that make Northern California thrive. By integrating Cornerstone Community Bank’s deep local expertise with Plumas Bank’s advanced technology and small business solutions, we are enhancing the services available to our communities. This partnership will create lasting value for our shareholders, clients, employees, and the broader region for years to come.”
“We are thrilled to unite with Plumas, combining our strengths to continue delivering exceptional products, services, and support to our customers, employees, and stakeholders,” said Matthew B. Moseley, President and Chief Executive Officer of Cornerstone, who will remain with Plumas following the acquisition. “Access to Plumas’ extensive network of offices and diverse product offerings enables us to broaden our reach beyond the Shasta and Tehama communities we have proudly served for nearly two decades. Our two organizations share a deep connection to the communities we serve, and this partnership allows us to leverage our collective experience to maintain the high standards of service our customers have come to rely on.”
The combined company is expected to have approximately $2.3 billion in total assets and 19 full-service banking branches in 11 counties in Northern California and Nevada.
