Plumas Bancorp (Nasdaq: PLBC) announced on October 22, 2026, that Richard Belstock, the company's Executive Vice President and Chief Financial Officer, will retire from his role effective January 1, 2027. Mr. Belstock has served in the position since 2011. In a related move, the Board of Directors has appointed Kelsey Cassinelli to succeed him as Executive Vice President, Chief Financial Officer, and Principal Financial Officer, also effective January 1, 2027.
Following his retirement as CFO, Mr. Belstock will remain with the Company and Plumas Bank in a new capacity as Special Assistant to the President. In this role, he will provide advisory and transition support to the President and the executive management team. The Company notes that Mr. Belstock's work schedule will be reduced to approximately 50% of his current level, and his annual base salary will be reduced by approximately 50%.
Kelsey Cassinelli, 32, is currently the Senior Vice President and Principal Accounting Officer for Plumas Bancorp and Plumas Bank. She joined the company in April 2026. Prior to joining Plumas Bancorp, she was employed at KPMG US LLP from 2016 to 2026, most recently serving as a Senior Audit Manager since April 2024. Ms. Cassinelli will receive an annual base salary of $300,000 effective January 1, 2027. She will also be eligible to participate in the Company's annual incentive compensation program and equity compensation plans on a substantially similar basis as other executive officers.
Plumas Bancorp is the bank holding company for Plumas Bank, a full-service community bank serving Northern California and Northern Nevada. The company stated that there are no arrangements or understandings between Ms. Cassinelli and any other person regarding her selection as CFO, and she has no family relationship with any director or executive officer.
