Plumas Bancorp and Cornerstone Community Bancorp jointly announced the signing of a definitive merger agreement. Plumas will acquire Cornerstone in a stock and cash transaction valued at approximately $64.6 million, based on Plumas's closing price of $47.76 per share on January 28, 2025.
This acquisition is expected to create a combined company with over $2.3 billion in assets, $2.0 billion in deposits, and $1.5 billion in loans on a pro forma consolidated basis. The deal priced Cornerstone at 146% of its tangible book value, indicating a premium for the acquisition.
The merger is anticipated to expand Plumas Bancorp's footprint and scale, enhancing its ability to serve Northern California and Western Nevada. The transaction is expected to close in the second half of 2025, pending regulatory and shareholder approvals.
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