Plumas Bancorp Announces Repurchase of Warrant
May 11 2016 - 9:00AM
On May 10, 2016 Plumas Bancorp (the “Company”) (Nasdaq:PLBC),
repurchased from Community BanCapital, L.P. a portion of a warrant
representing the right to purchase 150,000 shares of the Company’s
common stock for an aggregate repurchase price of $862,500.
The warrant was originally issued on April 15, 2013 in connection
with the Company’s sale of a $7,500,000 subordinated debenture to
Community BanCapital, L.P. As originally issued, the warrant
represented the right to purchase 300,000 shares of the Company’s
common stock at the price of $5.25 per share, subject to
adjustment, on or before April 15, 2021. As a result of the
repurchase, the warrant now represents the right to purchase
150,000 shares of the Company’s common stock. The exercise
price, expiration date and other terms of the warrant remain
unchanged.
Andrew J. Ryback, president and chief executive officer of the
Company commented, “We are pleased to be able to repurchase half of
our outstanding warrant at this time. This repurchase protects our
shareholders against ownership dilution and demonstrates the
confidence that we have in the future of our Company.”
Founded in 1980, Plumas Bank is a locally owned
and managed full-service community bank based in Northeastern
California. The Bank operates twelve branches; eleven are located
in California in the counties of Plumas, Lassen, Placer, Nevada,
Modoc and Shasta and one branch is located in Reno, Nevada, in
Washoe County. Plumas Bank offers a wide range of financial and
investment services to consumers and businesses and has received
nationwide Preferred Lender status with the United States Small
Business Administration. For more information on Plumas Bancorp and
Plumas Bank, please visit our website at www.plumasbank.com.
This news release includes forward-looking
statements within the meaning of Section 27A of the Securities
Act of 1933, as amended, and Section 21E of the Exchange Act
of 1934, as amended and Plumas Bancorp intends for such
forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. Future events are
difficult to predict, and the expectations described above are
necessarily subject to risk and uncertainty that may cause actual
results to differ materially and adversely.
Forward-looking statements can be identified by
the fact that they do not relate strictly to historical or current
facts. They often include the words "believe," "expect,"
"anticipate," "intend," "plan," "estimate," or words of similar
meaning, or future or conditional verbs such as "will," "would,"
"should," "could," or "may." These forward-looking statements are
not guarantees of future performance, nor should they be relied
upon as representing management's views as of any subsequent date.
Forward-looking statements involve significant risks and
uncertainties and actual results may differ materially from those
presented, either expressed or implied, in this news release.
Factors that might cause such differences include, but are not
limited to: the Company's ability to successfully execute its
business plans and achieve its objectives; changes in general
economic and financial market conditions, either nationally or
locally in areas in which the Company conducts its operations;
changes in interest rates; continuing consolidation in the
financial services industry; new litigation or changes in existing
litigation; increased competitive challenges and expanding product
and pricing pressures among financial institutions; legislation or
regulatory changes which adversely affect the Company's operations
or business; loss of key personnel; and changes in accounting
policies or procedures as may be required by the Financial
Accounting Standards Board or other regulatory agencies.
In addition, discussions about risks and
uncertainties are set forth from time to time in the Company’s
publicly available Securities and Exchange Commission filings. The
Company undertakes no obligation to publicly revise these
forward-looking statements to reflect subsequent events or
circumstances.
Elizabeth Kuipers
Vice President, Marketing Manager & Investor Relations Officer
Plumas Bank
35 S. Lindan Ave.
Quincy, CA 95971
530.283.7305 ext.8912
investorrelations@plumasbank.com
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