Plumas Bancorp to acquire Cornerstone Community

Plumas Bancorp (PLBC) and Cornerstone Community Bancorp jointly announce the signing of a definitive merger agreement whereby Plumas will acquire Cornerstone in a stock and cash transaction valued at approximately $64.6 million based on the closing price of $47.76 for Plumas shares on January 28, 2025. On a pro forma consolidated basis, the combined company would have approximately $2.3 billion in assets, $2.0 billion in deposits, $1.5 billion in loans, and operate 19 branches throughout Northern California and Western Nevada. Under the terms of the Agreement, each issued and outstanding share of common stock of Cornerstone will be converted into the right to receive 0.6608 shares of common stock of Plumas and $9.75 in cash. Based on the closing price of $47.76 for Plumas shares on January 28, 2025, the Transaction would result in an aggregate consideration of $64.6 million and value of $41.31 per Cornerstone share.