Plumas Bancorp completes acquisition of Feather River Bancorp
Plumas Bank’s Reno branch (seen here) opened on Meadowood Mall Circle in 2015. In mid-March of this year, the bank’s holding company announced it is relocating its corporate headquarters to a new location in South Reno.
Reno-based Plumas Bancorp announced July 1 the completion of its acquisition of Yuba City, California-based Feather River Bancorp, Inc., the holding company for Bank of Feather River. The deal was first announced in March. The value of the transaction was roughly $23.4 million, according to a July 1 press release from Plumas Bancorp. Raymond James & Associates, Inc. served as financial advisor to Plumas in the transaction. Sheppard, Mullin, Richter & Hampton LLP served as legal counsel to Plumas. ProBank Austin served as financial advisor to Feather River, and Stinson LLP served as legal counsel. In accordance with the merger, Julie Morehead, Feather River’s president and CEO, was appointed to the board of directors of Plumas Bancorp, which relocated its corporate headquarters this spring to Reno from Quincy, California. A lifetime and third-generation Yuba City resident, Morehead is a career bank executive and has been with Bank of Feather River since 2008. “We are pleased to welcome the clients, employees and shareholders of Feather River,” Andrew J. Ryback, President and CEO of Plumas Bancorp, said in a statement. “From Quincy to Yuba City, our companies share a connection to the people and businesses who have built their livelihoods alongside California’s Feather River. Bringing together the team of local experts at Bank of Feather River with Plumas Bank’s technology and small business expertise increases the banking services available in the Yuba City marketplace. “We look forward to providing long-term value to our combined shareholders, clients, team members, and communities we serve.” As of March 31, Feather River had total assets of approximately $196 million, total loans outstanding of approximately $161 million and total deposits of approximately $169 million. With the addition of Feather River, Plumas had total assets of approximately $1.4 billion, total loans outstanding of approximately $894 million and total deposits of approximately $1.2 billion as of March 31.