QUINCY, Calif., Oct. 29, 2018 (GLOBE NEWSWIRE) -- Plumas Bancorp (Nasdaq:PLBC), the parent company of Plumas Bank (the “Bank”), today announced the completion of the acquisition of the Carson City, Nevada branch of Mutual of Omaha Bank . This transaction resulted in the acquisition of $45.6 million in deposits and $1.8 million in loans.
Andrew J. Ryback, Director, President and Chief Executive Officer of Plumas Bancorp and Plumas Bank, stated, "We are very pleased to be able to retain all of the Carson City branch employees and we welcome them into the Plumas Bank family as, together, we serve the financial needs of our new clients. He continued, “I’d like to acknowledge the hard work of numerous individuals at both Mutual of Omaha Bank and Plumas Bank. All of us at Plumas Bank would like to thank the entire Mutual of Omaha Bank team for their helpfulness and cooperation in making this a smooth and efficient transition for everyone involved.”
Chris Slothower, Branch Manager of the Carson City, Plumas Bank office, replied, “My team and I are pleased to be a part of the Plumas Bank family and we look forward to representing Plumas Bank in our community.”
Ryback concluded, “This acquisition is a perfect fit for our Company because it allows us to expand our presence in the Sierra Region and provides additional lending and deposit gathering opportunities. This acquisition will also enable us to better serve our Nevada client base and, ultimately, create long term value for our shareholders.”
About Plumas Bancorp
Founded in 1980, Plumas Bank, with assets over $800 million, is a locally owned and managed full-service community bank headquartered in Northeastern California. The Bank operates thirteen branches: eleven located in the 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 four loan production offices: three located in the California counties of Placer, Butte and Tehama and one located in the 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.
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.