Plumas Bancorp Completes Repurchase of TARP Preferred Securities
QUINCY, CA -- (Marketwired) -- 10/28/13 -- Plumas Bancorp (NASDAQ:
PLBC), a bank holding company and the parent company of Plumas Bank,
announced that on October 25, 2013, Plumas Bancorp (the "Company")
repurchased the remaining 3,133 shares of the Company's Fixed Rate
Cumulative Perpetual Preferred Stock, Series A; liquidation
preference of $1,000 per share (the "Preferred Shares") from a third
party private investor. The Company paid $3,101,670 plus accrued
dividends of $30,453. This represents a discount of 1% from the
liquidation value of the Preferred Shares.
Funding for this purchase was provided from a promissory note dated
October 24, 2013 payable to an unrelated third party. The note bears
interest at the U.S. "Prime Rate" + three-quarters percent per annum
and has a term of 18 months.
Commenting on the transaction, President and Chief Executive Officer
of Plumas Bancorp and Plumas Bank, Andrew J. Ryback, said, "Several
years ago we made the important decision to participate in the
Troubled Asset Relief Program (TARP). This government program
provided us with additional capital, and this capital was a vital
component of our strategy for navigating through the recession. The
fact that we are now in a position to pay back our final outstanding
TARP balance is a strong indication that we have made significant
progress in our return to a position of financial strength."
He concluded, "We remain focused on building shareholder value and
maintaining strong customer relationships that are based on a
foundation of trust, integrity and a genuine desire to help our
clients become more successful financially."
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
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
management's 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 Company's 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
Company's 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 Company's 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.
Vice President, Marketing Manager & Investor Relations Officer
35 S. Lindan Ave.
Quincy, CA 95971
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