Plumas Bancorp has announced a significant leadership change as Richard Belstock, the Executive Vice President and Chief Financial Officer, will retire effective January 1, 2027. This transition is crucial for the company as it reflects a shift in leadership that could impact its strategic direction in the competitive landscape of short-term business credit institutions.
Belstock has served in his role since 2011 and will continue with Plumas Bank as Special Assistant to the President, where he will provide advisory support during the transition. Kelsey Cassinelli, currently the Senior Vice President and Principal Accounting Officer, has been appointed to succeed him as Executive Vice President, Chief Financial Officer, and Principal Financial Officer.
Background
Plumas Bancorp, incorporated in California, operates as the holding company for Plumas Bank, a full-service community bank serving customers primarily in Northern California and Northern Nevada. The company is publicly traded on the Nasdaq under the ticker symbol PLBC, and it falls under the SIC category of short-term business credit institutions (SIC 6153). Recent filings indicate a series of updates, including this leadership transition announcement.
What the Filing Says
According to the SEC filing (accession number 0001437749-26-033190), the company stated, "On October 22, 2026, Plumas Bancorp announced that Richard Belstock... will retire from the position of Chief Financial Officer effective January 1, 2027." The filing further elaborated that Belstock will remain with the company in a reduced capacity, continuing to provide support to the executive management team.
Additionally, the filing confirms the appointment of Kelsey Cassinelli as the new CFO, effective the same date. Cassinelli's annual base salary will be set at $300,000, and she will participate in the company's annual incentive compensation program.
Impact
This leadership change is expected to affect both the internal dynamics of Plumas Bancorp and its external relationships with stakeholders. Belstock's extensive experience and contributions have been acknowledged by President and CEO Andy Ryback, who emphasized the importance of his leadership in navigating the company through various challenges.
As Cassinelli steps into her new role, her background in accounting and financial reporting, particularly her experience at KPMG, positions her well to lead the financial operations of the company. The transition may also signal to investors and clients that Plumas Bancorp is committed to maintaining strong financial oversight and adapting to the evolving demands of the financial services industry.
What's Next
The filing does not specify what happens next beyond the leadership transition. However, it is anticipated that the company will continue to focus on its strategic objectives while ensuring a smooth transition for both Belstock and Cassinelli.