Plumas Bank restructures to reduce expenses
Plumas Bank has implemented a reorganization plan in an effort to improve its financial results, which have deteriorated along with the general economy over the last couple of years.
The restructuring includes reductions in staffing levels by 10 percent through retirements, attrition and voluntary and involuntary layoffs.
A total of 12 positions — 7 percent of the bank’s 170 employees — have been eliminated company-wide, three of those jobs in the administrative offices located in Quincy.
The other nine positions are spread out among the bank’s 11 branches in its six-county service area.
Andrew Ryback, interim president and chief executive officer, said these changes, in addition to a variety of other cost-cutting measures, will result in expense reductions in excess of $1 million this year and will help return the bank to a position of strength and profitability.
“These are challenging times for all of us. Nevertheless, management remains confident that with our sustained focus, commitment and action, the bank will continue to move toward a return to financial strength to grow and thrive in the post-recessionary environment for the benefit of our customers, employees and shareholders alike,” Ryback said.