Plumas Bancorp (PLBC) has officially completed its acquisition of Cornerstone Community Bancorp, the parent of Cornerstone Community Bank, effective July 1, 2025.
The merger, initially announced in January, included the consolidation of Cornerstone Community Bank into Plumas Bank, expanding Plumas's reach in Northern California.
Under the terms of the agreement, Cornerstone shareholders received 0.6608 shares of Plumas common stock and $9.75 in cash for each Cornerstone share. The total transaction value was approximately $61.3 million, based on Plumas's June 30 closing share price of $44.46.
Plumas CEO Andrew J. Ryback said the merger is a significant milestone, combining Cornerstone's strong local ties with Plumas's technological capabilities and small business expertise. The integration aims to expand service offerings and drive long-term value for shareholders and communities.
As part of the deal, Cornerstone Director Ken Robison has joined the boards of Plumas Bancorp and Plumas Bank. Robison, a seasoned real estate professional and former Red Bluff mayor, brings extensive regional experience to the role.
Additionally, Cornerstone President and CEO Matthew B. Moseley has taken on the role of Executive Vice President and Market President at Plumas Bank. Moseley, a long-time banking leader with deep expertise in credit and lending, will help lead the company's expanded regional operations.
Ryback welcomed both leaders, citing their community ties and professional strengths as vital to the bank's future growth. Robison stated that the values of both institutions align and he is eager to support Plumas's mission of delivering innovative financial services across Northern California. Moseley added that the merger is a moment of growth, and he looks forward to fostering innovation and opportunity within the combined organization.
As of March 31, 2025, Cornerstone reported $648 million in assets, $492 million in loans, and $572 million in deposits. With this acquisition, Plumas adds four new branches in Anderson, Red Bluff, and Redding, California.
On a pro forma basis, the combined bank will have $2.3 billion in assets, $1.5 billion in loans, and $1.9 billion in deposits.
PLBC currently trades at $47.64, or 1.53% higher on the NasdaqCM.
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