Plumas Bank to Purchase Redding branch from Rabobank Plumas Bank, the wholly owned subsidiary of Plumas Bancorp, this week announced that it has signed a purchase and assumption agreement to acquire the Redding, Calif. branch of Rabobank N.A.
The transaction, which is expected to close during the third quarter of 2015, subject to regulatory approval and other customary conditions, is expected to result in the acquisition of approximately $15 million in deposits. No loans will be acquired as part of the transaction.
"Plumas Bank is thrilled to have the opportunity to serve new clients in the Redding market," Plumas Bank president and CEO Andrew J. Ryback said. "We are already working hard to lay the groundwork to ensure that all of our new customers experience a smooth transition.
"We've been looking for effective ways to expand in the Redding area since we entered that market in 2007," Ryback said. "This transaction will double our Redding deposit base and will complement our current branch network nicely. Plumas Bank has had significant success serving the financial needs of small businesses in the Redding region and we anticipate that this new location, which has excellent visibility and easy access, will allow us to attract new customers and grow our market share. We look forward to continuing to develop our presence in Redding and the surrounding area in the years ahead."