Plumas Bancorp and Feather River Bancorp, Inc. announced a definitive merger agreement for Plumas to acquire Feather River in a stock and cash transaction valued at approximately $21 million. On a pro forma consolidated basis, the combined company would have approximately $1.3 billion in assets, $1.1 billion in deposits, and operate 14 branches throughout northeastern California and western Nevada.
Feather River, headquartered in Yuba City, is the parent company of Bank of Feather River, a 13-year-old bank with approximately $182 million in assets from its only location in Yuba City.
The boards of directors of Plumas and Feather River have approved the proposed merger, which is expected to occur in the third quarter of 2021 and remains subject to customary closing conditions, including obtaining approval by Feather River’s shareholders and bank regulatory authorities.
“We are thrilled to announce our merger agreement with Bank of Feather River,” said Andrew Ryback, president and chief executive officer, Plumas Bancorp. “From Quincy to Yuba City, our companies share a connection to the people and businesses who have built their livelihoods alongside California’s winding Feather River. Bringing together the team of local experts at Bank of Feather River with Plumas Bank’s technology and small business expertise offers even greater services for the Yuba City marketplace. We look forward to providing long-term value to our combined shareholders, clients, team members, and the communities we serve.”
“We are excited about the opportunity to join forces with Plumas, bringing two pristine performing banks together to carry on our focus of providing our customers, employees and all of our stakeholders with superior products, services and support,” said Julie Morehead, Feather River’s president and chief executive officer, who will continue with Plumas following the acquisition. “Gaining access to their network of offices and extensive product lines allows us to expand our footprint and offerings beyond the Yuba-Sutter communities we have served for the past 13 years. There are many similarities in our institutions and the small communities we serve. This combination will afford the two organizations the opportunity to utilize our combined years of experience to continue to deliver the outstanding experience our customers have come to expect.”
Under the terms of the agreement, each issued and outstanding share of common stock of Feather River will be converted into the right to receive, at the election of each holder of common shares, either shares of Plumas’ common stock or cash.
With the merger, Feather River shareholders will hold, in the aggregate, approximately 10 percent of Plumas’ outstanding common stock and one current member of the Feather River board will be asked to serve on the board of directors for Plumas.
About Plumas Bancorp
Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank headquartered in Reno, Nev. The bank operates thirteen branches: eleven located in the California counties of Plumas, Lassen, Placer, Nevada, Modoc and Shasta and two branches located in Nevada, one in Reno and one in Carson City. The bank also operates three loan production offices: two located in Placer and Butte counties and one located in Klamath Falls, Ore. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. The company was recently recognized by three prestigious firms: for the third year in a row Raymond James and Associates awarded Plumas Bancorp with the Community Bankers Cup for operating one of the top five Best Performing Banks in the nation; for the second year in a row Piper Sandler named the bank to their Sm-All Stars Class, which identifies the top small cap banks in the nation; and, for the fifth year in a row, the bank was named a ‘Super Premier’ performing bank by The Findley Reports. For more information on Plumas Bancorp and Plumas Bank, visit www.plumasbank.com.
About Feather River Bancorp, Inc.
Feather River Bancorp, Inc., is a bank holding company headquartered in Yuba City and is the parent company for Bank of Feather River, a California state-chartered bank with one location in Yuba City. Founded in 2007, Bank of Feather River has a proven track record of contributing to the success of the Yuba-Sutter economy, contributing to the success of the people who live, work, and play in Yuba- Sutter, and creating a bank that is one of the top performing banks within its assets sizes, not only in northern California but in the nation. Bank of Feather River was named a “Super Premier “performing bank, the highest rating by The Findley Reports, Rated 5-Stars by BAUERFINANCIAL, Inc., and rated Top Ten Percent of C-Corp Banks with asset size $100 – $249 million by the CB Top Ten Report.