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PLBC > SEC Filings for PLBC > Form 8-K on 28-Oct-2013All Recent SEC Filings

Show all filings for PLUMAS BANCORP



Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securities

Item 1.01 Entry into a Material Definitive Agreement.

On October 25, 2013, Plumas Bancorp (the "Company") repurchased the remaining 3,133 shares of the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A, liquidation preference of $1,000 per share (the "Preferred Shares") from a third party private investor. The Company paid $3,101,670 plus accrued dividends of $30,453. This represents a discount of 1% from the liquidation value of the Preferred Shares.

Funding for this purchase was provided from a promissory note dated October 24, 2013 payable to TIB - The Independent Bankersbank, an unrelated third party. The note bears interest at the U.S. "Prime Rate" + three-quarters percent per annum, has a term of 18 months and is secured by 100 shares of Plumas Bank stock representing the Company's 100% ownership interest in Plumas Bank.

A press release was issued on October 28, 2013 relating to this transaction. A copy of the press release is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 3.02 Unregistered Sales of Equity Securities.

The information set forth under "Item 1.01 Entry into a Material Definitive Agreement" is incorporated by reference into this Item 3.02.

Item 9.01 Financial Statements and Exhibits.

Press Release dated October 28, 2013

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