Plumas Bancorp completes $5.55M sale-leaseback of two Quincy offices; pre-tax gain ~$5.5M

PLUMAS BANCORP

Sold two administrative offices in Quincy, CA for $5,550,000 cash to BBS Branch III, LLC.
Entered triple net leases with 15-year initial term, 3% annual escalator; aggregate annual rent ~$463,000.
Pre-tax gain of approximately $5.5 million recognized on the transaction.
Company evaluating sale of securities portfolio in loss position to offset gain and lease expense.

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