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EX-10.2 - EXHIBIT 10.2 - PLUMAS BANCORP | c14203exv10w2.htm |
EX-10.1 - EXHIBIT 10.1 - PLUMAS BANCORP | c14203exv10w1.htm |
8-K - FORM 8-K - PLUMAS BANCORP | c14203e8vk.htm |
Exhibit 99.1
Plumas Bank Enters into Agreement with its Regulators
QUINCY,
California, March 21, 2011 Plumas Bancorp (NASDAQ:PLBC), the parent company of Plumas
Bank, reported that Plumas Bank has entered into a consent order with the Federal Deposit Insurance
Corporation and the California Department of Financial Institutions. Plumas Bank has agreed to a
number of conditions: continue to reduce certain classified asset balances, maintain strong capital
ratios, improve lending policies and practices, and retain qualified management as stated in the
terms of the order.
Appropriate steps to comply with the order are underway and the bank is on track to meet its
conditions within the required time period, Plumas Bank interim president and CEO Andrew J. Ryback
said. He continued, The order serves to formalize and reinforce our on-going plans to strengthen
the company and continue to implement the banks strategic plan. Currently the bank has exceeded
the orders total risk-based capital ratio goal of 13% and we expect to achieve the leverage ratio
target of 10% by year-end without the injection of any new capital. Ryback concluded, Reducing
problem assets has been and will continue to be one of the top priorities of the company. We
remain dedicated to returning Plumas Bank to a position of strength.
Founded in 1980, Plumas Bank is a locally owned and managed full-service community bank based in
Northeastern California. The Bank operates eleven branches located in the counties of Plumas,
Lassen, Placer, Nevada, Modoc and Shasta. 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. For more information on Plumas Bancorp and
Plumas Bank, please visit our website at www.plumasbank.com.
This news release includes forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and
Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private Securities Litigation Reform Act
of 1995. Future events are difficult to predict, and the expectations described above are
necessarily subject to risk and uncertainty that may cause actual results to differ materially and
adversely.
Forward-looking statements can be identified by the fact that they do not relate strictly to
historical or current facts. They often include the words believe, expect, anticipate,
intend, plan, estimate, or words of similar meaning, or future or conditional verbs such as
will, would, should, could, or may. These forward-looking statements are not guarantees
of future performance, nor should they be relied upon as representing managements views as of any
subsequent date. Forward-looking statements involve significant risks and uncertainties and actual
results may differ materially from those presented, either expressed or implied, in this news
release. Factors that might cause such differences include, but are not limited to: the
Companys ability to successfully execute its business plans and achieve its objectives; changes in
general economic and financial market conditions, either nationally or locally in areas in which
the Company conducts its operations; changes in interest rates; continuing consolidation in the
financial services industry; new litigation or changes in existing litigation; increased
competitive challenges and expanding product and pricing pressures among financial institutions;
legislation or regulatory changes which adversely affect the Companys operations or business; loss
of key personnel; and changes in accounting policies or procedures as may be required by the
Financial Accounting Standards Board or other regulatory agencies.
In addition, discussions about risks and uncertainties are set forth from time to time in the
Companys publicly available Securities and Exchange Commission filings. The Company undertakes no
obligation to publicly revise these forward-looking statements to reflect subsequent events or
circumstances.
Contact: Elizabeth Kuipers
Vice President, Marketing Manager & Investor Relations Officer
Plumas Bank
35 S. Lindan Ave.
Quincy, CA 95971
530.283.7305 ext.8912
Fax: 530.283.9665
investorrelations@plumasbank.com
Vice President, Marketing Manager & Investor Relations Officer
Plumas Bank
35 S. Lindan Ave.
Quincy, CA 95971
530.283.7305 ext.8912
Fax: 530.283.9665
investorrelations@plumasbank.com