Cornerstone Community Bancorp Shareholders Approve Acquisition by Plumas Bancorp

Cornerstone Community Bancorp shareholders have approved a proposed $64.6M acquisition by Plumas Bancorp, with the transaction expected to close in early July. Plumas has also received the necessary bank regulatory approvals. The acquisition was first announced in January and is a stock and cash deal.

Cornerstone Community Bancorp (CRSB) shareholders have approved a proposed $64.6 million acquisition by Plumas Bancorp. The transaction, expected to close in early July, marks a significant milestone for both financial institutions. Plumas Bancorp has already secured the necessary bank regulatory approvals, further cementing the deal's progress [1].

The acquisition, first announced in January, is a stock and cash deal. Cornerstone Community Bancorp's shareholders will receive cash and stock of Plumas Bancorp upon the completion of the merger. The combined company is expected to have approximately $2.3 billion in total assets and 19 full-service banking branches in 11 counties in Northern California and Nevada [2].

Andrew J. Ryback, President and Chief Executive Officer of Plumas Bancorp, highlighted the strategic importance of the merger, stating, "Our merger with Cornerstone is a pivotal milestone in our company’s evolution. Both institutions share a strong connection to the people and businesses that make Northern California thrive. By integrating Cornerstone Community Bank’s deep local expertise with Plumas Bank’s advanced technology and small business solutions, we are enhancing the services available to our communities. This partnership will create lasting value for our shareholders, clients, employees, and the broader region for years to come" [2].

Matthew B. Moseley, President and Chief Executive Officer of Cornerstone, who will remain with Plumas following the acquisition, added, "We are thrilled to unite with Plumas, combining our strengths to continue delivering exceptional products, services, and support to our customers, employees, and stakeholders. Access to Plumas' extensive network of offices and diverse product offerings enables us to broaden our reach beyond the Shasta and Tehama communities we have proudly served for nearly two decades. Our two organizations share a deep connection to the communities we serve, and this partnership allows us to leverage our collective experience to maintain the high standards of service our customers have come to rely on" [2].

The merger is subject to the satisfaction or waiver of the conditions set forth in the merger agreement. The completion of the Merger is expected to be in early July 2025 [2].

References:
[1] https://finance.yahoo.com/news/cornerstone-community-bancorp-plumas-bancorp-133000564.html
[2] https://seekingalpha.com/news/4454955-cornerstone-community-bancorp-shareholders-approve-acquisition-by-plumas