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<P align="center" style="font-size: 14pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P align="center" style="font-size: 18pt"><B>FORM 8-K</B>

<P align="center" style="font-size: 12pt"><B>CURRENT REPORT<BR>
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P align="center" style="font-size: 10pt"><B>Date of Report (Date of earliest event reported): January 30, 2009</B>

<P align="center">

<P align="center" style="font-size: 24pt"><B>Plumas Bancorp<BR></B>
<FONT style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>

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    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
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    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
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    <TD style="border-bottom: 1px solid #000000"><B>California</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>000-49883</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>95-3520374</B></TD>
</TR>
<TR valign="top">
    <TD>(State or other Jurisdiction of Incorporation)</TD>
    <TD>&nbsp;</TD>
    <TD>(Commission File Number)</TD>
    <TD>&nbsp;</TD>
    <TD>(IRS Employer Identification No.)</TD>
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</TABLE>

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    <TD width="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="49%">&nbsp;</TD>
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<TR valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>35 S. Lindan Avenue, Quincy, CA<BR></B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000"><B>95971</B></TD>
</TR>
<TR valign="top">
    <TD>(Address of Principal Executive Offices)</TD>
    <TD>&nbsp;</TD>
    <TD>(Zip Code)</TD>
</TR>
</TABLE>

<P align="center" style="font-size: 10pt">Registrant&#146;s telephone number, including area code: <B>(530)283-7305</B>


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    <TD nowrap style="border-bottom: 1px solid #000000"><B>Not Applicable</B></TD>
</TR>
<TR>
    <TD nowrap>(Former name or former address if changed since last report.)</TD>
</TR>
</TABLE>

<P align="left" style="font-size: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:

<P align="left" style="font-size: 10pt">
<FONT face="Wingdings">&#111;</FONT> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR><BR>
<FONT face="Wingdings">&#111;</FONT> Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>


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<P align="center" style="font-size: 10pt; display: none">1
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<TR><TD></TD><TD colspan="8"><A HREF="#000">Item&nbsp;1.01. Entry into a Material Definitive Agreement.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3.02. Unregistered Sales of Equity Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3.03. Material Modification to Rights of Security Holders.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;8.01 Other Events.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;9.01 Financial Statements and Exhibits</A></TD></TR>
<TR><TD colspan="9"><A HREF="#007">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="c80006exv4w1.htm">Exhibit 4.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="c80006exv4w2.htm">Exhibit 4.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="c80006exv4w3.htm">Exhibit 4.3</A></TD></TR>
<TR><TD colspan="9"><A HREF="c80006exv10w1.htm">Exhibit 10.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="c80006exv10w2.htm">Exhibit 10.2</A></TD></TR>
<TR><TD colspan="9"><A HREF="c80006exv99w1.htm">Exhibit 99.1</A></TD></TR>
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<!-- link2 "Item&nbsp;1.01. Entry into a Material Definitive Agreement." -->
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<P align="left" style="font-size: 10pt"><B>Item&nbsp;1.01. Entry into a Material Definitive Agreement.</B>


<P align="left" style="font-size: 10pt">On January&nbsp;30, 2009, Plumas Bancorp (the &#147;Company&#148; or &#147;Plumas&#146;), issued and sold, and the United States Department of
the Treasury (&#147;Treasury&#148;) purchased, for an aggregate purchase price of $11,949,000 in cash: (1)&nbsp;11,949 shares (the
&#147;Preferred Shares&#148;) of the Company&#146;s Fixed Rate Cumulative Perpetual Preferred Stock, Series&nbsp;A, liquidation preference
of $1,000 per share; and (2)&nbsp;a ten-year warrant (&#147;Warrant&#148;) to purchase up to 237,712 shares of the Company&#146;s common
stock, no par value (&#147;Common Stock&#148;) at an exercise price, subject to anti-dilution adjustments, of $7.54 per share.
Cumulative dividends on the Preferred Shares will accrue on the liquidation preference at a rate of 5%&nbsp;per annum for
the first five years, and at a rate of 9%&nbsp;per annum thereafter. The securities were sold in a private placement exempt
from registration pursuant to Section&nbsp;4(2) of the Securities Act of 1933, as amended.


<P align="left" style="font-size: 10pt">The Letter Agreement, dated January&nbsp;30, 2009 and Securities Purchase Agreement &#150; Standard Terms attached thereto
(collectively, &#147;Purchase Agreement&#148;), pursuant to which the Preferred Shares and the Warrant were sold, limit the
payment of quarterly dividends on the Common Stock to up to $0.04 per share, and limits the Company&#146;s ability to
repurchase shares of its capital stock. The Preferred Shares have no maturity date and rank senior to the Common Stock
with respect to the payment of dividends and distributions and amounts payable upon liquidation, dissolution and
winding up of the Company. The Preferred Shares are redeemable at the option of the Company at 100% of their
liquidation preference, provided that the Preferred Shares may be redeemed prior to the first dividend payment date
falling after the third anniversary of the Closing Date (January&nbsp;30, 2012) only if: (1)&nbsp;the Company has raised
aggregate gross proceeds in one or more Qualified Equity Offerings (as defined in the Purchase Agreement) in excess of
$11,949,000; and (2)&nbsp;the aggregate redemption price does not exceed the aggregate net proceeds from such Qualified
Equity Offerings.


<P align="left" style="font-size: 10pt">The Purchase Agreement also subjects the Company and its CEO, CFO and three most highly compensated executive officers
(collectively, &#147;SEOs&#148;) to certain compensation limitations included in the Emergency Economic Stabilization Act of 2008
(&#147;EESA&#148;). Consequently, under the terms of the Purchase Agreement, the Company has agreed that, until such time as
Treasury ceases to own any securities acquired from the Company pursuant to the Purchase Agreement, the Company will
take all necessary action to

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">2
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<P align="left" style="font-size: 10pt">ensure that its benefit plans with respect to its SEOs comply with Section&nbsp;111(b) of the EESA as implemented by any
guidance or regulation under Section&nbsp;111(b) of EESA that has been issued and is in effect as of the date of issuance of
the Preferred Shares and the Warrant, and not adopt any benefit plans with respect to, or which cover, its SEOs that do
not comply with EESA. The Company&#146;s SEOs have entered into letter agreements with the Company consenting to the
foregoing, as well as executed waivers voluntarily waiving any claim against the Treasury and the Company for any
changes to their compensation or benefits that are required to comply with the EESA or any regulation issued by the
Treasury under the TARP Capital Purchase Program as published in the Federal Register on October&nbsp;20, 2008.


<P align="left" style="font-size: 10pt">The Purchase Agreement, Series&nbsp;A Preferred Stock Certificate, Warrant and form of letter agreement executed by the
SEOs, are attached hereto as Exhibits 10.1, 4.2, 4.3 and 10.2 respectively to this Report on Form 8-K and incorporated
herein by reference. The foregoing summary of certain provisions of these documents is qualified in its entirety by
reference thereto.

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<DIV align="left"><A NAME="001"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3.02. Unregistered Sales of Equity Securities.</B>


<P align="left" style="font-size: 10pt">The information set forth under &#147;Item&nbsp;1.01 Entry into a Material Definitive Agreement&#148; is incorporated by reference
into this Item&nbsp;3.02.

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<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3.03. Material Modification to Rights of Security Holders.</B>


<P align="left" style="font-size: 10pt">The information set forth under &#147;Item&nbsp;1.01 Entry into a Material Definitive Agreement&#148; is incorporated by reference
into this Item&nbsp;3.03.
<BR>
&nbsp;
<BR>
Prior to January&nbsp;30, 2012, unless the Company has redeemed the Preferred Shares, or the Treasury has transferred the
Preferred Shares to a third party, the consent of the Treasury will be required for the Company to: (1)&nbsp;declare or pay
any dividend or make any distribution on shares of the Common Stock (other than regular quarterly cash dividends of not
more than $0.04 per share or regular semi-annual cash dividends of not more than $0.08 per share); or (2)&nbsp;redeem,
purchase or acquire any shares of Common Stock or other equity or capital securities, other than in connection with
benefit plans consistent with past practice and certain other circumstances specified in the Purchase Agreement. In
addition, under the Certificate of Determination described in Item&nbsp;5.03, the Company&#146;s ability to declare or pay
dividends or repurchase shares of Common Stock or other equity or capital securities will be subject to restrictions in
the event that the Company fails to declare and pay (or set aside for payment) full dividends on the Preferred Shares.

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensation Arrangements of Certain Officers.</B>


<P align="left" style="font-size: 10pt">The information set forth under &#147;Item&nbsp;1.01 Entry into a Material Definitive Agreement&#148; is incorporated by reference
into this Item&nbsp;5.02.

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">3
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<!-- link2 "Item&nbsp;5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year." -->
<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.</B>


<P align="left" style="font-size: 10pt">Article&nbsp;THREE of the Company&#146;s Articles of Incorporation, as amended (&#147;Articles of Incorporation&#148;), authorizes the
issuance from time to time of shares of serial preferred stock without par value. On January&nbsp;7, 2009, the Company filed
with the California Secretary of State a Certificate of Determination establishing the designation, powers, preferences
and rights of the Series&nbsp;A Preferred Shares. The Certificate of Determination was effective immediately upon filing. A
copy of the Certificate of Determination is included as Exhibit&nbsp;4.1 to this Current Report on Form&nbsp;8-K and is
incorporated herein by reference. The foregoing summary of certain provisions of this document is qualified in its
entirety by reference thereto.


<P align="left" style="font-size: 10pt">As a condition of the purchase of the Preferred Shares by the Treasury, the Company was required to amend its bylaws to
provide for the election of two directors by the Treasury in the event of certain default of dividend payments on such
preferred shares.


<P align="left" style="font-size: 10pt">A new paragraph was added to the end of section 3.4 of the bylaws to read in the entirety as follows:



<P align="left" style="margin-left:4%; font-size: 10pt">Notwithstanding anything in these bylaws to the contrary, for so long as the Corporation&#146;s Fixed Rate Cumulative
Perpetual Preferred Stock, Series&nbsp;A (the &#147;<I>Designated Preferred Stock</I>&#148;) is outstanding: (i)&nbsp;whenever, at any time
or times, dividends payable on the shares of Designated Preferred Stock have not been paid for an aggregate of
six quarterly Dividend Periods (as defined in the Certificate of Determination for the Designated Preferred
Stock) or more, whether or not consecutive, the authorized number of directors shall automatically be increased
by two (but shall in no event be increased to a number of directors that is greater than the maximum number of
directors set forth in Article&nbsp;III, Section&nbsp;3.2 of these bylaws); and (ii)&nbsp;this sentence may not be modified,
amended or repealed by the Corporation&#146;s board of directors (or any committee thereof) or without the
affirmative vote and approval of (x)&nbsp;the stockholders and (y)&nbsp;the holders of at least a majority of the shares
of Designated Preferred Stock outstanding at the time of such vote and approval.

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;8.01 Other Events.</B>


<P align="left" style="font-size: 10pt">On January&nbsp;30, 2009, Plumas Bancorp issued a press release announcing the closing of the transaction described under
&#147;Item&nbsp;1.01 Entry into a Material Definitive Agreement&#148;. The press release is furnished as Exhibit&nbsp;99.1 to this Report
on Form 8-K and incorporated herein by reference.

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<P align="left" style="font-size: 10pt"><B>Item&nbsp;9.01 Financial Statements and Exhibits</B>


<P align="left" style="font-size: 10pt">The following Exhibits are furnished as part of this Current Report on Form 8-K.


<DIV style="margin-top: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certificate of Determination of Fixed Rate Cumulative Perpetual Preferred Stock, Series&nbsp;A</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Series&nbsp;A Preferred Stock Certificate</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Warrant for purchase of shares of Common Stock
10.1 Letter Agreement, dated January&nbsp;30, 2009 by and between Plumas Bancorp, Inc. and the United States Department of the Treasury and Securities Purchase Agreement &#151; Standard Terms attached thereto</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter Agreement, dated January&nbsp;30, 2009 by and between
Plumas Bancorp, Inc. and the United States Department of the Treasury
and Securities Purchase Agreement &#151; Standard Terms attached
thereto</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">10.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Form of Senior Executive Officer letter agreement</TD>
</TR>

<TR style="font-size: 8pt">
    <TD>&nbsp;</TD>
</TR> <TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">99.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>January&nbsp;30, 2009 Press Release of Plumas Bancorp</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">4
</DIV>

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<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>

<P align="left" style="font-size: 10pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">Plumas Bancorp</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">(Registrant)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>January&nbsp;30, 2009</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>By:</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000"><I>/s/&nbsp;&nbsp;Andrew J. Ryback</I></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Name: Andrew J. Ryback<br>
Title: Executive Vice President and<BR>
Chief Financial Officer</I></TD>
</TR>
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</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">5
</DIV>

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<P align="center" style="font-size: 10pt"><B>EXHIBIT INDEX</B>

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" style="border-bottom: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px"><B>Exhibit<br>
No.</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-bottom: 1px solid #000000"><BR>
<B>Description</B></TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certificate of Determination of Fixed Rate Cumulative Perpetual
Preferred Stock, Series&nbsp;A</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Series&nbsp;A Preferred Stock Certificate</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Warrant for purchase of shares of Common Stock</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Letter Agreement, dated January&nbsp;30, 2009 by and between Plumas
Bancorp, Inc. and the United States Department of the Treasury and
Securities Purchase Agreement &#150; Standard Terms attached thereto</TD>
</TR>
<TR valign="bottom" style="background: #cceeff; padding-top: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Form of Senior Executive Officer letter agreement</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">January&nbsp;30, 2009 Press Release of Plumas Bancorp</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt">6
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{"company-data": {"conformed-name": "PLUMAS BANCORP", "cik": "0001168455", "assigned-sic": "6153", "irs-number": "752987096", "state-of-incorporation": "CA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-49883", "film-number": "09558120"}, "business-address": {"street1": "35 S LINDEN AVENUE", "city": "QUINCY", "state": "CA", "zip": "95971", "phone": "5302837305"}}
Filed by Bowne Pure Compliance
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 30, 2009
Plumas Bancorp
(Exact name of registrant as specified in its charter)
California
000-49883
95-3520374
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
35 S. Lindan Avenue, Quincy, CA
95971
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number, including area code:
(530)283-7305
Not Applicable
(Former name or former address if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
TABLE OF CONTENTS
Item 1.01. Entry into a Material Definitive Agreement.
Item 3.02. Unregistered Sales of Equity Securities.
Item 3.03. Material Modification to Rights of Security Holders.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensation Arrangements of Certain Officers.
Item 5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.
Item 8.01 Other Events.
Item 9.01 Financial Statements and Exhibits
SIGNATURES
Exhibit 4.1
Exhibit 4.2
Exhibit 4.3
Exhibit 10.1
Exhibit 10.2
Exhibit 99.1
Table of Contents
Item 1.01. Entry into a Material Definitive Agreement.
On January 30, 2009, Plumas Bancorp (the "Company" or "Plumas'), issued and sold, and the United States Department of
the Treasury ("Treasury") purchased, for an aggregate purchase price of $11,949,000 in cash: (1) 11,949 shares (the
"Preferred Shares") of the Company's Fixed Rate Cumulative Perpetual Preferred Stock, Series A, liquidation preference
of $1,000 per share; and (2) a ten-year warrant ("Warrant") to purchase up to 237,712 shares of the Company's common
stock, no par value ("Common Stock") at an exercise price, subject to anti-dilution adjustments, of $7.54 per share.
Cumulative dividends on the Preferred Shares will accrue on the liquidation preference at a rate of 5% per annum for
the first five years, and at a rate of 9% per annum thereafter. The securities were sold in a private placement exempt
from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.
The Letter Agreement, dated January 30, 2009 and Securities Purchase Agreement – Standard Terms attached thereto
(collectively, "Purchase Agreement"), pursuant to which the Preferred Shares and the Warrant were sold, limit the
payment of quarterly dividends on the Common Stock to up to $0.04 per share, and limits the Company's ability to
repurchase shares of its capital stock. The Preferred Shares have no maturity date and rank senior to the Common Stock
with respect to the payment of dividends and distributions and amounts payable upon liquidation, dissolution and
winding up of the Company. The Preferred Shares are redeemable at the option of the Company at 100% of their
liquidation preference, provided that the Preferred Shares may be redeemed prior to the first dividend payment date
falling after the third anniversary of the Closing Date (January 30, 2012) only if: (1) the Company has raised
aggregate gross proceeds in one or more Qualified Equity Offerings (as defined in the Purchase Agreement) in excess of
$11,949,000; and (2) the aggregate redemption price does not exceed the aggregate net proceeds from such Qualified
Equity Offerings.
The Purchase Agreement also subjects the Company and its CEO, CFO and three most highly compensated executive officers
(collectively, "SEOs") to certain compensation limitations included in the Emergency Economic Stabilization Act of 2008
("EESA"). Consequently, under the terms of the Purchase Agreement, the Company has agreed that, until such time as
Treasury ceases to own any securities acquired from the Company pursuant to the Purchase Agreement, the Company will
take all necessary action to
2
Table of Contents
ensure that its benefit plans with respect to its SEOs comply with Section 111(b) of the EESA as implemented by any
guidance or regulation under Section 111(b) of EESA that has been issued and is in effect as of the date of issuance of
the Preferred Shares and the Warrant, and not adopt any benefit plans with respect to, or which cover, its SEOs that do
not comply with EESA. The Company's SEOs have entered into letter agreements with the Company consenting to the
foregoing, as well as executed waivers voluntarily waiving any claim against the Treasury and the Company for any
changes to their compensation or benefits that are required to comply with the EESA or any regulation issued by the
Treasury under the TARP Capital Purchase Program as published in the Federal Register on October 20, 2008.
The Purchase Agreement, Series A Preferred Stock Certificate, Warrant and form of letter agreement executed by the
SEOs, are attached hereto as Exhibits 10.1, 4.2, 4.3 and 10.2 respectively to this Report on Form 8-K and incorporated
herein by reference. The foregoing summary of certain provisions of these documents is qualified in its entirety by
reference thereto.
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 3.03. Material Modification to Rights of Security Holders.
The information set forth under "Item 1.01 Entry into a Material Definitive Agreement" is incorporated by reference
into this Item 3.03.
Prior to January 30, 2012, unless the Company has redeemed the Preferred Shares, or the Treasury has transferred the
Preferred Shares to a third party, the consent of the Treasury will be required for the Company to: (1) declare or pay
any dividend or make any distribution on shares of the Common Stock (other than regular quarterly cash dividends of not
more than $0.04 per share or regular semi-annual cash dividends of not more than $0.08 per share); or (2) redeem,
purchase or acquire any shares of Common Stock or other equity or capital securities, other than in connection with
benefit plans consistent with past practice and certain other circumstances specified in the Purchase Agreement. In
addition, under the Certificate of Determination described in Item 5.03, the Company's ability to declare or pay
dividends or repurchase shares of Common Stock or other equity or capital securities will be subject to restrictions in
the event that the Company fails to declare and pay (or set aside for payment) full dividends on the Preferred Shares.
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensation Arrangements of Certain Officers.
The information set forth under "Item 1.01 Entry into a Material Definitive Agreement" is incorporated by reference
into this Item 5.02.
3
Table of Contents
Item 5.03. Amendment to Articles of Incorporation or Bylaws; Change in Fiscal Year.
Article THREE of the Company's Articles of Incorporation, as amended ("Articles of Incorporation"), authorizes the
issuance from time to time of shares of serial preferred stock without par value. On January 7, 2009, the Company filed
with the California Secretary of State a Certificate of Determination establishing the designation, powers, preferences
and rights of the Series A Preferred Shares. The Certificate of Determination was effective immediately upon filing. A
copy of the Certificate of Determination is included as Exhibit 4.1 to this Current Report on Form 8-K and is
incorporated herein by reference. The foregoing summary of certain provisions of this document is qualified in its
entirety by reference thereto.
As a condition of the purchase of the Preferred Shares by the Treasury, the Company was required to amend its bylaws to
provide for the election of two directors by the Treasury in the event of certain default of dividend payments on such
preferred shares.
A new paragraph was added to the end of section 3.4 of the bylaws to read in the entirety as follows:
Notwithstanding anything in these bylaws to the contrary, for so long as the Corporation's Fixed Rate Cumulative
Perpetual Preferred Stock, Series A (the "
Designated Preferred Stock
") is outstanding: (i) whenever, at any time
or times, dividends payable on the shares of Designated Preferred Stock have not been paid for an aggregate of
six quarterly Dividend Periods (as defined in the Certificate of Determination for the Designated Preferred
Stock) or more, whether or not consecutive, the authorized number of directors shall automatically be increased
by two (but shall in no event be increased to a number of directors that is greater than the maximum number of
directors set forth in Article III, Section 3.2 of these bylaws); and (ii) this sentence may not be modified,
amended or repealed by the Corporation's board of directors (or any committee thereof) or without the
affirmative vote and approval of (x) the stockholders and (y) the holders of at least a majority of the shares
of Designated Preferred Stock outstanding at the time of such vote and approval.
Item 8.01 Other Events.
On January 30, 2009, Plumas Bancorp issued a press release announcing the closing of the transaction described under
"Item 1.01 Entry into a Material Definitive Agreement". The press release is furnished as Exhibit 99.1 to this Report
on Form 8-K and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
The following Exhibits are furnished as part of this Current Report on Form 8-K.
4.1
Certificate of Determination of Fixed Rate Cumulative Perpetual Preferred Stock, Series A
4.2
Series A Preferred Stock Certificate
4.3
Warrant for purchase of shares of Common Stock
10.1 Letter Agreement, dated January 30, 2009 by and between Plumas Bancorp, Inc. and the United States Department of the Treasury and Securities Purchase Agreement — Standard Terms attached thereto
10.1
Letter Agreement, dated January 30, 2009 by and between
Plumas Bancorp, Inc. and the United States Department of the Treasury
and Securities Purchase Agreement — Standard Terms attached
thereto
10.2
Form of Senior Executive Officer letter agreement
99.1
January 30, 2009 Press Release of Plumas Bancorp
4
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be
signed on its behalf by the undersigned hereunto duly authorized.
Plumas Bancorp
(Registrant)
January 30, 2009
By:
/s/  Andrew J. Ryback
Name: Andrew J. Ryback
Title: Executive Vice President and
Chief Financial Officer
5
Table of Contents
EXHIBIT INDEX
Exhibit
No.
Description
4.1
Certificate of Determination of Fixed Rate Cumulative Perpetual
Preferred Stock, Series A
4.2
Series A Preferred Stock Certificate
4.3
Warrant for purchase of shares of Common Stock
10.1
Letter Agreement, dated January 30, 2009 by and between Plumas
Bancorp, Inc. and the United States Department of the Treasury and
Securities Purchase Agreement – Standard Terms attached thereto
10.2
Form of Senior Executive Officer letter agreement
99.1
January 30, 2009 Press Release of Plumas Bancorp
6