QUINCY, Caif. — Plumas Bank, the wholly owned subsidiary of Plumas Bancorp, on Tuesday announced it has signed a purchase and assumption agreement to acquire the Carson City branch of Mutual of Omaha Bank.
The transaction, which is expected to close later this year pending regulatory approval, will result in the acquisition of approximately $50 million in deposits and less than $1 million in loans.
Plumas Bank Director, President and Chief Executive Officer, Andrew J. Ryback, stated, “Plumas Bank is thrilled to have the opportunity to serve new clients in Carson City and the entire Sierra Region. We are already working hard to lay the groundwork to ensure that all of our new clients experience a smooth transition.
“We’ve been looking for effective ways to expand in Northern Nevada and this acquisition is a perfect fit for our culture and our future business plans in this region. This transaction will almost triple our Nevada deposit base and will complement our current branch network nicely. Plumas Bank has had significant success serving the financial needs of small businesses in the Reno area and we anticipate that the addition of a Carson City location will allow us to attract new clients and grow our market share. We look forward to continuing to develop our presence throughout the Northern Nevada region in the years ahead.”