Plumas Bancorp CFO Resigns
Ticker: PLBC · Form: 8-K · Filed: Jul 18, 2024 · CIK: 1168455
Sentiment: neutral
Topics: executive-departure, cfo-resignation
TL;DR
Plumas Bancorp CFO Michael Ruggles out as of July 17th, CEO and finance team to cover.
AI Summary
On July 18, 2024, Plumas Bancorp filed an 8-K report to announce the resignation of its Chief Financial Officer, Michael R. Ruggles, effective July 17, 2024. The company has not yet appointed a successor, and the responsibilities will be temporarily handled by the CEO and other members of the finance team.
Why It Matters
The unexpected departure of a CFO can create uncertainty regarding financial leadership and strategy, potentially impacting investor confidence.
Risk Assessment
Risk Level: medium — The resignation of a Chief Financial Officer without an immediate successor can signal internal challenges or instability, potentially affecting financial reporting and strategic direction.
Key Players & Entities
- Plumas Bancorp (company) — Registrant
- Michael R. Ruggles (person) — Resigning Chief Financial Officer
- July 18, 2024 (date) — Filing Date
- July 17, 2024 (date) — Effective Date of Resignation
FAQ
Who is Plumas Bancorp?
Plumas Bancorp is a California-based financial institution operating under the SIC code 6153 for Short-Term Business Credit Institutions.
What is the primary purpose of this 8-K filing?
This 8-K filing is to report the resignation of the Chief Financial Officer, Michael R. Ruggles.
When did Michael R. Ruggles' resignation become effective?
Michael R. Ruggles' resignation was effective as of July 17, 2024.
Has a successor been appointed for the CFO role?
No, the filing states that a successor has not yet been appointed.
Who will manage the CFO's responsibilities in the interim?
The Chief Executive Officer and other members of the finance team will temporarily assume the responsibilities of the Chief Financial Officer.
Filing Stats: 396 words · 2 min read · ~1 pages · Grade level 10.6 · Accepted 2024-07-18 09:00:57
Key Financial Figures
- $0.27 — uarterly cash dividend in the amount of $0.27 per common share payable on August 15,
Filing Documents
- plbc20240717_8k.htm (8-K) — 21KB
- 0001437749-24-022957.txt ( ) — 149KB
- noticker-20240718.xsd (EX-101.SCH) — 3KB
- noticker-20240718_def.xml (EX-101.DEF) — 11KB
- noticker-20240718_lab.xml (EX-101.LAB) — 15KB
- noticker-20240718_pre.xml (EX-101.PRE) — 11KB
- plbc20240717_8k_htm.xml (XML) — 3KB
01 Other Events
Item 8.01 Other Events. On July 17, 2024 Plumas Bancorp ' s Board of Directors declared a quarterly cash dividend in the amount of $0.27 per common share payable on August 15, 2024 to shareholders of record at the close of business day on August 1, 2024. SIGNATURE 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. July 18, 2024 Plumas Bancorp By: /s/ Richard L. Belstock Name: Richard L. Belstock Title: Chief Financial Officer