Plumas Bancorp (PLBC) has released an update.
Plumas Bank has finalized the sale of nine branches to Mountainseed Real Estate, netting $25.7 million and entering into long-term leases for the same properties, which will cost them $2.4 million annually in rent. The transaction led to a significant pre-tax gain and will not impact branch operations. Additionally, the bank is contemplating selling loss-position securities to offset the gain and is preparing for a potential sale of three non-branch offices to Mountainseed, subject to due diligence and standard closing conditions. These strategic moves are part of the bank’s financial management efforts, although they carry the usual forward-looking statement caveats.
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