Plumas Bancorp Files 8-K
Ticker: PLBC · Form: 8-K · Filed: Mar 15, 2024 · CIK: 1168455
Sentiment: neutral
Topics: material-agreement, financial-statements, corporate-filing
TL;DR
Plumas Bancorp filed an 8-K on March 14, 2024, reporting material agreements and financials.
AI Summary
Plumas Bancorp filed an 8-K on March 15, 2024, reporting a material definitive agreement and financial statements. The filing details the company's corporate information, including its incorporation in California and principal executive offices in Reno, Nevada.
Why It Matters
This filing indicates significant corporate actions or financial updates for Plumas Bancorp, requiring investor attention.
Risk Assessment
Risk Level: low — This is a routine filing reporting a material definitive agreement and financial statements, not indicating immediate financial distress or significant new risks.
Key Numbers
- 000-49883 — SEC File Number (Identifies the specific SEC filing for Plumas Bancorp.)
- 75-2987096 — IRS Employer Identification No. (Company's tax identification number.)
Key Players & Entities
- Plumas Bancorp (company) — Registrant
- California (jurisdiction) — State of incorporation
- Reno, Nevada (location) — Principal executive offices
- March 14, 2024 (date) — Date of earliest event reported
- March 15, 2024 (date) — Filing date
FAQ
What specific material definitive agreement was entered into by Plumas Bancorp?
The filing indicates the entry into a material definitive agreement but does not specify the details of the agreement within the provided text.
What are the key financial statements being reported in this 8-K?
The filing states that financial statements are included, but the specific details or nature of these statements are not provided in the excerpt.
When was the earliest event reported in this Form 8-K?
The earliest event reported in this Form 8-K occurred on March 14, 2024.
Where are Plumas Bancorp's principal executive offices located?
Plumas Bancorp's principal executive offices are located at 5525 Kietzke Lane, Suite 100, Reno, Nevada 89511.
What is the SIC code for Plumas Bancorp?
The Standard Industrial Classification (SIC) code for Plumas Bancorp is 6153, which corresponds to Short-Term Business Credit Institutions.
Filing Stats: 1,170 words · 5 min read · ~4 pages · Grade level 13.4 · Accepted 2024-03-15 11:37:07
Key Financial Figures
- $25.7 million — te cash purchase price of approximately $25.7 million. As previously reported, the parties co
- $7.9 m — for an aggregate cash purchase price of $7.9 million, assuming all of the Non-Branch O
Filing Documents
- plbc20240314_8k.htm (8-K) — 33KB
- ex_639932.htm (EX-10.3) — 13KB
- 0001437749-24-008007.txt ( ) — 181KB
- noticker-20240314.xsd (EX-101.SCH) — 3KB
- noticker-20240314_def.xml (EX-101.DEF) — 11KB
- noticker-20240314_lab.xml (EX-101.LAB) — 15KB
- noticker-20240314_pre.xml (EX-101.PRE) — 11KB
- plbc20240314_8k_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. As previously reported, on January 19, 2024, Plumas Bank (the "Bank"), a wholly-owned subsidiary of Plumas Bancorp (the "Company"), entered into two agreements for the purchase and sale of real property (each, a "Sale Agreement") with Mountainseed Real Estate Services, LLC, a Georgia limited liability company ("Mountainseed"). One Sale Agreement provided for the sale to Mountainseed of up to nine properties owned and operated by the Bank as branches (the "Branches") for an aggregate cash purchase price of approximately $25.7 million. As previously reported, the parties completed the sale of the Branches on February 14, 2024. The second Sale Agreement provides for the sale to Mountainseed of up to three properties operated as non-branch administrative offices (the "Non-Branch Offices") for an aggregate cash purchase price of $7.9 million, assuming all of the Non-Branch Offices are sold. The sale of the Non-Branch Offices is subject to Mountainseed performing satisfactory due diligence on the Non-Branch Offices and other customary closing conditions. Mountainseed has the right to terminate Sale Agreement for the Non-Branch Office prior to closing, entirely or with respect to any of three properties. On March 14, 2024, the Bank and Mountainseed amended the Sale Agreement for the Non-Branch Offices. The amendment provides that (1) the closing date of the sale is extended to September 16, 2024, (2) if the closing does not occur on such date for any reason other than a default by the Bank, Mountainseed will provide the Bank copies of certain specified due diligence reports, (3) the Bank may terminate the Sale Agreement for the Non-Branch Offices at any time prior to closing by providing a certification of the Bank's accounting firm confirming that the sale of the Non-Branch Offices will no longer qualify for gain recognition and (4) if the Bank exercises such termination right, Mountainseed will be responsible for
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No . Description of Exhibit 10.1 Agreement for Purchase and Sale of Real Property dated as of January 19, 2024 by and between Plumas Bank and Mountainseed Real Estate Services, LLC (Branches) (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed on January 19, 2024)* 10.2 Agreement for Purchase and Sale of Real Property dated as of January 19, 2024 by and between Plumas Bank and Mountainseed Real Estate Services, LLC (Non-Branch Offices) (incorporated by reference to Exhibit 10.2 of the Company's Form 8-K filed on January 19, 2024)* 10.3 First Amendment to Agreement for Purchase and Sale of Property dated as of March 14, 2024 by and between Plumas Bank and Mountainseed Real Estate Services, LLC 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Certain schedules and exhibits to this exhibit have been omitted pursuant to Item 601(a)(5). The registrant hereby agrees to furnish a copy of any omitted schedule or similar attachment to the SEC upon request.
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Plumas Bancorp (Registrant) March 15, 2024 By: /s/ Richard L. Belstock Name: Richard L. Belstock Title: Chief Financial Officer