Plumas Bancorp, a Nasdaq-listed bank holding company, has completed the previously announced $61.3m acquisition of Cornerstone Community Bancorp.
Based in Red Bluff, California, Cornerstone Community Bancorp is the parent of Cornerstone Community Bank. Plumas Bancorp, which is based in Reno, Nevada, is the holding company for Plumas Bank.
The transaction, originally announced in January 2025, involved exchanging each share of Cornerstone Community Bancorp’s common stock for 0.6608 shares of Plumas Bancorp’s common stock plus $9.75 in cash.
In line with the agreement, Cornerstone Community Bank has merged into Plumas Bank.
As a result of the merger, Plumas Bank has expanded its operations with the addition of four branches in Anderson, Red Bluff, and two in Redding, California. This extension brings its branch network to 19 locations throughout Northern California and Western Nevada.
Prior to the merger, Cornerstone Community Bank reported assets of $648m, loans amounting to $492m, and deposits of $572m as of 31 March 2025. The combined entity will now manage roughly $2.3bn in assets, with total loans and deposits at approximately $1.5bn and $1.9bn respectively.
Cornerstone Community Bancorp’s shareholders will hold about 14% of Plumas Bancorp’s outstanding common stock, as per the terms of the deal.
Financial projections suggest that the acquisition will be accretive to Plumas Bancorp’s earnings per share by approximately 9% in 2025 and 23% in 2026. The tangible book value per share is expected to experience a dilution of roughly 13% at closing, with an earn-back period estimated at less than three years.
Plumas Bancorp president and CEO Andrew Ryback said: “This transaction is a pivotal milestone in our company’s evolution. 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.
“We look forward to providing long-term value to our combined shareholders, clients, team members, and communities we serve.”
