QUINCY, Calif., April 21, 2015 (GLOBE NEWSWIRE) -- Plumas Bank, the wholly owned subsidiary of Plumas Bancorp (Nasdaq:PLBC), today announced that it has signed a purchase and assumption agreement to acquire the Redding, California branch of Rabobank N.A.
The transaction, which is expected to close during the third quarter of 2015, subject to regulatory approval and other customary conditions, is expected to result in the acquisition of approximately $15 million in deposits. No loans will be acquired as part of the transaction.
Plumas Bank President and Chief Executive Officer, Andrew J. Ryback, stated, "Plumas Bank is thrilled to have the opportunity to serve new clients in the Redding market. We are already working hard to lay the groundwork to ensure that all of our new customers experience a smooth transition."
Ryback continued, "We've been looking for effective ways to expand in the Redding area since we entered that market in 2007. This transaction will double our Redding deposit base and will complement our current branch network nicely. Plumas Bank has had significant success serving the financial needs of small businesses in the Redding region and we anticipate that this new location, which has excellent visibility and easy access, will allow us to attract new customers and grow our market share. We look forward to continuing to develop our presence in Redding and the surrounding area in the years ahead."
About Plumas Bancorp and Plumas Bank
Plumas Bank was established in 1980 and has assets of over $550 million. The Bank currently operates eleven full-service offices in the counties of Shasta, Lassen, Modoc, Nevada, Placer, and Plumas, and also has loan production offices in Auburn, California; Chico, California; Portland, Oregon and Reno, Nevada. Plumas Bank is known throughout Northeastern California and Northern Nevada for its personalized service, community orientation and focus on lending to small and growing businesses. To learn more, visit www.plumasbank.com
About Rabobank N.A.
Rabobank N.A. is a premier California community bank known for personalized service and a wide range of financial products and services for individual, business, and food and agribusiness clients. Headquartered in Roseville, Calif., and with $15 billion in assets, the bank's more-than-100 branches, multi-function ATMs, and innovative online and mobile banking services empower customers to bank when, where and how they want. Rabobank's 1,700 employees take pride in helping to improve their communities personally and professionally. www.rabobankamerica.com.
Forward Looking Statements
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.
In addition, discussions about risks and uncertainties are set forth from time to time in the Company's publicly available Securities and Exchange Commission filings. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
CONTACT: Elizabeth Kuipers Vice President, Marketing Manager & Investor Relations Officer, Plumas Bank 35 S. Lindan Ave. Quincy, CA 95971 Ph: 530.283.7305 x8912 Fx: 530.283.9665 firstname.lastname@example.org