Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 6, 2024

PLUMAS BANCORP

(Exact name of registrant as specified in its charter)

California		000-49883		75-2987096
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

5525 Kietzke Lane, Suite 100, Reno, Nevada		89511
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (775) 786-0907

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (See General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	PLBC	NASDAQ Capital Market

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 6, 2024, the Board of Directors of Plumas Bancorp (the “Company”) appointed Sushil Patel to serve as a director of the Company. Mr. Patel was also appointed to serve as a member of the Board of Directors of the Company’s wholly-owned subsidiary, Plumas Bank (the “Bank”). The Board of Directors has not yet appointed Mr. Patel to any committees of the Company’s Board of Directors.

As a director of the Company, Mr. Patel will receive the standard compensation received by non-employee directors, which compensation was last described in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on April 4, 2023 and is incorporated by reference into this report.

A copy of the Company’s press release announcing Mr. Patel’s appointment to the Board of Directors of the Company is attached hereto as Exhibit 99.1 and the information contained therein is incorporated by reference herein.

Item 9.01 Exhibits

Number

Description

99.1	Press Release dated February 8, 2024

104	Cover Page Interactive Data File

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	Plumas Bancorp (Registrant)

February 8, 2024	By:	/s/ Richard L. Belstock

		Name: Richard L. Belstock
		Title: Chief Financial Officer

EXHIBIT INDEX

Number

Description

99.1	Press Release dated February 8, 2024

104	Cover Page Interactive Data File

Exhibit 99.1

SUSHIL PATEL APPOINTED TO

PLUMAS BANCORP BOARD OF DIRECTORS

RENO, Nev., Feb.7, 2024 -- The directors of Plumas Bancorp (Nasdaq: PLBC), a bank holding company and the parent company of Plumas Bank, are pleased to announce the appointment of Sushil Patel to the Plumas Bancorp and Plumas Bank Board of Directors.

Patel is from South Lake Tahoe, Calif., and has been actively involved in developing real estate projects in both Nevada and California for more than 20 years. A successful business leader in the hospitality and lodging industry, Patel is owner of Laxmi Hotels and managing partner at Mountain West Builders. He owns and operates five hotel properties in Lake Tahoe and Reno, Nev. and co-leads one of the largest multifamily contractors in Northern Nevada.

“We are delighted to welcome Sushil to our board of directors. Sushil is a highly respected leader with vast business and real estate expertise,” remarked Andrew J. Ryback, Director, President and CEO of Plumas Bancorp and Plumas Bank. “We are confident that his insights will contribute significantly to our strategic initiatives and help us further strengthen our position as a leading community bank in the region.”

Patel responded, “As a long-time Plumas Bank client, I am excited for the opportunity to support the growth and success of Plumas Bank in my role as a board member. The bank’s commitment to providing exceptional financial services, building strong client relationships, and supporting local economies aligns perfectly with my vision and dedication to this region.”

Patel lives in Reno and serves on the Renown Health Foundation board. He earned his bachelor’s degree in business administration and public relations from California State University, Sacramento.

About Plumas Bancorp

Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. 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. Member FDIC. Equal Housing Lender. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

###

Photo Attached:

Sushil Patel

Plumas Bancorp and Plumas Bank Board Member

Source:

Plumas Bank

5525 Kietzke Lane Ste. 100

Reno, NV 89511

775.786.0907 x8908

investorrelations@plumasbank.com

Document And Entity Information	Feb. 06, 2024
Document Information [Line Items]
Entity, Registrant Name	PLUMAS BANCORP
Document, Type	8-K
Document, Period End Date	Feb. 06, 2024
Entity, Incorporation, State or Country Code	CA
Entity, File Number	000-49883
Entity, Tax Identification Number	75-2987096
Entity, Address, Address Line One	5525 Kietzke Lane, Suite 100
Entity, Address, City or Town	Reno
Entity, Address, State or Province	NV
Entity, Address, Postal Zip Code	89511
City Area Code	775
Local Phone Number	786-0907
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity, Emerging Growth Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	PLBC
Security Exchange Name	NASDAQ
Amendment Flag	false
Entity, Central Index Key	0001168455