'Just makes sense': Plumas Bancorp moves corporate HQ to Reno
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.
In 2010, when Andrew Ryback took over as president and CEO of Plumas Bank and Plumas Bancorp, the bank’s holding company, he was tasked with helping lead the financial institution’s recovery out of the Great Recession. Ten years later, despite feeling impacts of the economic downturn caused by the coronavirus pandemic, it’s safe to say the Quincy, California-based bank has recovered — and then some. “Our earnings over the past 10-year period have increased 1,400%,” Ryback said in a phone interview with the NNBW. “Ten years ago, we made less than $1 million in earnings. Last year, with the pandemic impacts buttressing our loan-loss reserves and the drop in interest rates impacting our earnings stream, our earnings were $14.5 million … and that was down from the prior year.” Established in 1980 by business leaders in Quincy, Plumas Bank has grown over the past four decades to 13 branches across Northeastern California and Northern Nevada, including one each in Reno and Carson City. The bank’s holding company, Plumas Bancorp, was formed in 2002 and entered the Nasdaq small cap market three years later. Since 2010, Ryback said, the company went from trading at $2 a share to around $30 a share — a 1,400% jump. All told, as of Dec. 31, 2020, Plumas Bancorp had $1.1 billion in assets, $974 million in deposits and $710 million in loans, according to the company.
Andrew Ryback, president and CEO of Plumas Bank, says that since 2010, Plumas Bancorp has gone from trading at $2 a share to around $30 a share.
“We have come a long ways in 10 years,” Ryback said. “It’s a much stronger institution. We’ve really performed extremely well.” GROWING IN RENO Plumas Bancorp is hoping to continue that momentum as it expands its footprint in Northern Nevada. In mid-March, the company announced the relocation of its corporate office to 5525 Kietzke Lane in South Reno. “Moving the holding company headquarters to Reno just makes sense for our institution,” Ryback said. “We see continued growth and expansion in Northern Nevada. We see opportunities there for our institution to grow along with many of the small businesses and mid-sized businesses in that region.” To that end, Ryback said Plumas Bank is a community bank that is committed to serving small to mid-sized businesses that are often “overlooked” by larger financial institutions or that “need more flexibility” than large banks can offer. “There are a lot of businesses moving to the region,” Ryback said, “and we think we can offer quick decisions on loans and great deposit products.” In fact, since the pandemic took hold last March, Plumas Bank has facilitated the distribution of funds through the federal Paycheck Protection Program (PPP) to more than 1,800 businesses. Ryback said about half a dozen employees will be dedicated to Plumas Bancorp’s new corporate headquarters in Reno. Ryback added he will split his time between Reno and Quincy, where Plumas Bank will remain headquartered. “Plumas Bank has invested in our community and our businesses for years, and has been a community leader, partner and supporter of EDAWN since 2007,” Mike Kazmierksi, president and CEO, Economic Development Authority of Western Nevada, said in a statement. “Establishing the bank’s holding company in Nevada gives our community and local business owners access to the Bancorp’s leadership and contributes to our pro-business environment in Northern Nevada.” Plumas Bank first opened a loan and production office in Reno in 2006, followed by branches in Reno and Carson City in 2015 and 2018, respectively. Prior to that, the community bank opened branches in neighboring Truckee, Tahoe City and Kings Beach in 2003. In all, Plumas Bank’s total staff in greater Reno-Tahoe accounts for about 20% of the company’s workforce, Ryback said. FEATHER RIVER ACQUISITION Plumas Bancorp’s relocation to Reno comes on the heels of the company acquiring Feather River Bancorp, the parent company of Bank of Feather River in Yuba City, California. The stock and cash transaction is valued at roughly $21 million. Bank of Feather River, a 13-year-old bank with one location, had about $182 million in assets as of Dec. 31, 2020, according to Plumas. “Adding such a well-run institution in Bank of Feather River to our family is going to really add some abilities for us to continue to lend in that region and grow our market share,” Ryback said. “Bank of Feather River has a nice balance of agriculture lending in the north part of the valley that diversifies our agricultural lending.
"The issue with their institution had always been gaining deposits, and we bring a really strong deposit franchise to them, so I think we’re going to be able to expand their lending and grow with their clients that they currently have.”