Cornerstone Community Bancorp soars on $65 mln buyout deal with Plumas Bancorp

Plumas Bancorp

29/01/2025 16:02

** Shares of community lender Cornerstone Community Bancorp
 CRSB.PK  jump 36.8% to $37.81
    ** Plumas Bancorp  PLBC.O  will buy Red Bluff,
California-based Cornerstone in a $64.6 mln cash-and-stock deal,
the companies say
    ** The deal will create a combined bank with $2.3 bln in
assets having 19 branches throughout Northern California and
Western Nevada      
    ** The deal, expected to close in the second half of 2025,
values Cornerstone at $41.31/shr and represents a 49.5% premium
to its last close     
    ** Transaction expected to boost PLBC's earnings per share
by 9% in 2025 and 23% in 2026     
    ** Raymond James and Sheppard, Mullin, Richter & Hampton
advised Plumas, while Performance Trust Capital Partners and
Gary Steven Findley & Associates advised Cornerstone 
    ** CRSB stock slipped 7.5% in 2024


 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))