Bank president responds to Federal interest rate increases

Plumas Bank President Andrew Ryback issued the following statement on the Federal Reserve raising interest rates.

“Today’s announcement of a 0.75% interest rate increase by the Federal Open Market Committee has generated frantic news headlines and pronouncements of ‘historic’ increases. It is important for all business leaders and the public to have perspective and take a cautious approach; we are still in a historically low-rate environment and today’s guidance from the Federal Reserve shows that there are serious efforts underway to curb inflation and maintain a healthy, stable economy. We are encouraging our business clients to take stock of how their future loan payments may be affected by rate increases and consider how they are pricing their products and services going forward while not overreacting.”

Ryback has been the president and chief executive officer of Plumas Bank and Plumas Bancorp since 2011. He is the California Delegate to the Federal Delegate Board of the Independent Community Bankers of America and serves on their Legislative Issues Committee. Ryback is also on the board of the California Community Banking Network. He previously served on the Federal Reserve Board of Governors’ Community Depository Institutions Advisory Council (CDIAC) and served as chairman of the Federal Reserve Bank of San Francisco’s CDIAC. Ryback has extensive banking, finance and leadership experience serving markets in Northern Nevada, Northeastern California and Southern Oregon.