Plumas Bancorp announces repurchase of warrant.
Global Banking News-May 12, 2016--Plumas Bancorp announces repurchase of warrant
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Global Banking News - 12 May 2016
Plumas Bancorp (NASDAQ; PLBC) has said that it has repurchased a warrant from Community BanCapital L.P on May 10, 2016.
The warrant represents the right to purchase 150,000 shares of the company's common stock for an aggregate repurchase price of USD862,500. The warrant was originally issued on April 15, 2013 in connection with the company's sale of an USD7.5m subordinated debenture to Community BanCapital L.P. As originally issued, the warrant represented the right to purchase 300,000 shares of the company's common stock at the price of USD5.25 per share, subject to adjustment, on or before April 15, 2021.
Following the repurchase, the warrant now represents the right to purchase 150,000 shares of the company's common stock. The exercise price, expiration date and other terms of the warrant remain unchanged.
Based in Notheastern California, Plumas Bank is a locally owned and managed full-service community bank that offers a wide range of financial and investment services to consumers and businesses. The Bank operates twelve branches; eleven are located in California in the counties of Plumas, Lassen, Placer, Nevada, Modoc and Shasta, and one branch is located in Reno, Nevada, in Washoe County.
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