Plumas to Acquire Cornerstone in $64.6 Million Deal

Plumas Bancorp, a community bank headquartered in Reno, Nevada, has entered into a definitive merger agreement to acquire Cornerstone Community Bancorp in a transaction valued at approximately $64.6 million. This acquisition involves a stock and cash transaction, with Cornerstone shareholders receiving 0.6608 shares of Plumas common stock and $9.75 in cash per share. The merger aims to enhance service offerings and expand the geographic footprint of both financial institutions, particularly throughout Northern California and Western Nevada. The combined entity will boast roughly $2.3 billion in assets and $1.5 billion in loans, with operations spanning 19 branches. The merger is expected to be completed in the second half of 2025. As part of the deal, Cornerstone's President and CEO, Matthew B. Moseley, will remain with Plumas post-acquisition. Additionally, the organizations expect the merger to be accretive to Plumas’s earnings per share by 9% in 2025 and 23% in 2026. Both companies have received board approval for the proposed merger, which is subject to customary closing conditions, regulatory approvals, and final shareholder consent. Financial advisories for the transaction are being provided by Raymond James & Associates and Performance Trust Capital Partners, with legal counsel from Sheppard, Mullin, Richter & Hampton LLP and Gary Steven Findley & Associates.