Plumas Bancorp Files 8-K: Agreement Termination & Financials
Ticker: PLBC · Form: 8-K · Filed: Aug 15, 2024 · CIK: 1168455
Sentiment: neutral
Topics: agreement-termination, financial-statements, exhibits
TL;DR
Plumas Bancorp terminated a key agreement and filed financials. Watch for details.
AI Summary
Plumas Bancorp filed an 8-K on August 15, 2024, reporting the termination of a material definitive agreement and the filing of financial statements and exhibits. The filing date for this report is August 15, 2024, with the earliest event reported on August 14, 2024. The company is incorporated in California and its principal executive offices are located in Reno, Nevada.
Why It Matters
This filing indicates a significant event for Plumas Bancorp, potentially impacting its operations or financial structure due to the termination of a material agreement.
Risk Assessment
Risk Level: medium — The termination of a material definitive agreement can signal underlying issues or strategic shifts that may affect the company's future performance.
Key Players & Entities
- Plumas Bancorp (company) — Registrant
- August 14, 2024 (date) — Earliest event reported
- August 15, 2024 (date) — Filing date
- California (jurisdiction) — State of incorporation
- Reno, Nevada (location) — Principal executive offices
FAQ
What was the material definitive agreement that Plumas Bancorp terminated?
The filing does not specify the details of the material definitive agreement that was terminated.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on August 14, 2024.
What are the principal executive offices of Plumas Bancorp?
The principal executive offices are located at 5525 Kietzke Lane, Suite 100, Reno, Nevada 89511.
What is the Commission File Number for Plumas Bancorp?
The Commission File Number for Plumas Bancorp is 000-49883.
What items are being reported in this 8-K filing?
This 8-K filing reports the termination of a material definitive agreement and the filing of financial statements and exhibits.
Filing Stats: 659 words · 3 min read · ~2 pages · Grade level 13.2 · Accepted 2024-08-15 15:05:44
Key Financial Figures
- $7.9 m — gregate purchase price of approximately $7.9 million, subject to Mountainseed performi
Filing Documents
- plbc20240814_8k.htm (8-K) — 24KB
- ex_715174.htm (EX-10.3) — 19KB
- 0001437749-24-026990.txt ( ) — 176KB
- noticker-20240814.xsd (EX-101.SCH) — 3KB
- noticker-20240814_def.xml (EX-101.DEF) — 11KB
- noticker-20240814_lab.xml (EX-101.LAB) — 15KB
- noticker-20240814_pre.xml (EX-101.PRE) — 11KB
- plbc20240814_8k_htm.xml (XML) — 3KB
02 Termination of a Material Definitive Agreement
Item 1.02 Termination of a Material Definitive Agreement. On August 14, 2024, Plumas Bank (the "Bank"), a wholly-owned subsidiary of Plumas Bancorp (the "Company"), and Mountainseed Real Estate Services, LLC, a Georgia limited liability company ("Mountainseed"), mutually agreed to terminate an Agreement for Purchase and Sale of Real Property dated as of January 19, 2024 (the "Purchase Agreement"). The Purchase Agreement provided that Mountainseed would purchase from the Bank three properties operated by the Bank as administrative offices for an aggregate purchase price of approximately $7.9 million, subject to Mountainseed performing satisfactory due diligence and other customary closing conditions. The Purchase Agreement further provided that upon the completion of the sale transaction, Mountainseed would lease the properties back to the Bank. The termination of the Purchase Agreement does not affect the Bank's sale and leaseback transaction with Mountainseed with respect to nine branch office properties, which, as previously reported, was completed on February 14, 2024.
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 by and between Plumas Bank and Mountainseed Real Estate Services, LLC (incorporated by referenced to Exhibit 10.2 to the Company's Form 8-K filed on January 23, 2024) 10.2 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 (incorporated by reference to Exhibit 10.3 to the Company's Form 8-K filed on March 15, 2024) 10.3 Termination Agreement 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) August 15, 2024 By: /s/ Richard L. Belstock Name: Richard L. Belstock Title: Chief Financial Officer