Plumas Bancorp in Reno, Nevada, has agreed to buy Cornerstone Community Bancorp in Red Bluff, California. The $1.6 billion-asset Plumas said in a news release that it will pay $64.6 million in cash and stock for the $658 million-asset Cornerstone. The deal, which is expected to close in the second half of this year, priced Cornerstone at 146% of its tangible book value.
M&A News is reported by Paul Davis and reprinted with permission as an adaptation of the material from TheBankSlate.com.
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