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PLBC > SEC Filings for PLBC > Form 8-K on 24-Apr-2013All Recent SEC Filings

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Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement.

On April 19, 2013, Plumas Bancorp (NASDAQ: PLBC), the parent company of Plumas Bank, received notification that the Written Agreement (the "FRB Agreement") with the Federal Reserve Bank of San Francisco entered into on July 28, 2011 was being terminated and posted on the Federal Reserve Board of Governors' web site on April 23, 2013.

Under the terms of the FRB Agreement, Plumas Bancorp agreed to take certain actions that were designed to maintain its financial soundness so that it would continue to serve as a source of strength to the Bank. Among other things, the FRB Agreement required prior written approval related to the payment or taking of dividends and distributions, making any distributions of interest, principal or other sums on subordinated debentures or trust preferred securities, incurrence of debt, and the purchase or redemption of stock. A copy of the FRB Agreement is filed as Exhibit 10.1 to the Company's Form 8-K dated July 25, 2011 and filed with the Securities Exchange Commission on July 29, 2011.

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