PLUMAS BANCORP (PLBC): CFO Kelsey Cassinelli appointed

Events in this filing

Item 5.02 as filed

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 22, 2026, Plumas Bancorp (the "Company") announced that Richard Belstock, Executive Vice President and Chief Financial Officer of the Company and Plumas Bank (the "Bank"), will retire from the position of Chief Financial Officer effective January 1, 2027.
Effective January 1, 2027, Richard Belstock will continue his employment with the Company and the Bank as Special Assistant to the President. In connection with this transition, Mr. Belstock's work schedule will be reduced to approximately 50% of his current schedule, and his annual base salary will be reduced by approximately 50% from his current annual base salary. Mr. Belstock will continue to provide advisory and transition support to the President and executive management team. Other employee benefits will continue in accordance with the Company's applicable benefit plans and policies.
Also on October 22, 2026, the Board of Directors appointed Kelsey Cassinelli to serve as Executive Vice President, Chief Financial Officer and Principal Financial Officer of the Company and the Bank effective January 1, 2027. Ms. Cassinelli currently serves as Senior Vice President and Principal Accounting Officer of the Company and the Bank and has responsibilities relating to the Company's accounting and financial reporting functions. Prior to her employment with the Company beginning in April 2026, Ms. Cassinelli, age 32, previously was employed at KPMG US LLP from 2016 to 2026 servicing as a Senior Audit Manager since April 2024.
There are no arrangements or understandings between Ms. Cassinelli and any other person pursuant to which she was selected as Chief Financial Officer. Ms. Cassinelli has no family relationship with any director or executive officer of the Company, and she is not a party to any transaction requiring disclosure pursuant to Item 404(a) of Regulation S-K.
Effective January 1, 2027, Ms. Cassinelli’s annual base salary will be $300,000. Ms. Cassinelli will also be eligible to participate in the Company’s annual incentive compensation program and equity compensation plans on substantially the same basis as the Company’s other executive officers.