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SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 10-QSB

(Mark One)

|[X]   |  | Quarterly report under Section 13 or 15(d) of the Securities Exchange Act
of 1934 for the quarterly period ended March 31, 2001, OR
|----- |  | -----------------------------------------------------------------------------------------------------------------------------------
|     
|[   ] |  | Transition report under Section 13 or 15(d) of the Exchange Act for the
transition period from ___________ to ___________ .        

Commission file number: 333-84534

PLUMAS BANCORP

(Exact name of Small Business Issuer as Specified in Its Charter)


|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|CALIFORNIA                                                     |  | 75-2987096                          
|                                                               |  |                                     
|(State or Other Jurisdiction of
Incorporation or Organization) |  | (I.R.S. Employer
Identification No.)

35 S. LINDAN AVENUE, QUINCY, CALIFORNIA 95971
(Address of Principal Executive Offices)

(530) 283-7305
(Issuers Telephone Number, Including Area Code)

Not Applicable
(Former Name, Former Address and Former fiscal Year,
if Changed Since Last Report)

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State the number of shares outstanding of each of the issuers classes of
common equity, as of the latest practicable date: common stock 100 shares
outstanding as of May 7, 2002.





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TABLE OF CONTENTS



|                               |                                                                                               |                                                |  |  |  |  |  | 
|------------------------------ | --------------------------------------------------------------------------------------------- | ---------------------------------------------- |  |  |  |  |  | 
|                               |                                                                                               | UNAUDITED CONSOLIDATED BALANCE SHEET          
|                               |                                                                                               | UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS
|                               |                                                                                               | UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS
|PART I  FINANCIAL INFORMATION
|                               | ITEM 1. FINANCIAL STATEMENTS                                                                 
|                               | ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|PART II  OTHER INFORMATION   
|                               | ITEM 1. LEGAL PROCEEDINGS                                                                    
|                               | ITEM 2. CHANGES IN SECURITIES                                                                
|                               | ITEM 3. DEFAULTS UPON SENIOR SECURITIES                                                      
|                               | ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS                                  
|                               | ITEM 5. OTHER INFORMATION                                                                    
|                               | ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K                                                     
|SIGNATURES                    



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PLUMAS BANCORP AND SUBSIDIARY
UNAUDITED CONSOLIDATED BALANCE SHEET

|                                      |                                                                                              |                                             |        |                |         |  
|------------------------------------- | -------------------------------------------------------------------------------------------- | ------------------------------------------- | ------ | -------------- | ------- | -
|                                      |                                                                                              |                                             |        | March 31, 2002
|                                      |                                                                                              |                                             |        |               
|Assets                                |                                                                                              |                                             |        |               
|Cash and due from banks               |                                                                                              | $                                           | 19,824 |               
|                                      |                                                                                              |                                             |        |               
|                                      |                                                                                              | Total Assets                                |        | $              | 19,824  |  
|                                      |                                                                                              |                                             |        |               
|Liabilities
and Shareholders Deficit |                                                                                              |                                             |        |               
|Notes payable                         |                                                                                              | $                                           | 35,000 |               
|Interest payable                      |                                                                                              |                                             | 162    |               
|                                      |                                                                                              |                                             |        |               
|                                      |                                                                                              | Total Liabilities                           |        |                | 35,162  |  
|                                      |                                                                                              |                                             |        |               
|Shareholders Deficit:                |                                                                                              |                                             |        |               
|                                      | Serial preferred stock  no par value; none issued                                           |                                             |        |                |        
|                                      | Common stock  no par value, 10,000,000 shares
authorized, 100 shares issued and outstanding |                                             |        | 150            |        
|                                      | Accumulated deficit                                                                          |                                             |        | (15,488        | )      
|                                      |                                                                                              |                                             |        |               
|                                      |                                                                                              | Total Shareholders Deficit                 |        |                | (15,338 | )
|                                      |                                                                                              |                                             |        |               
|                                      |                                                                                              | Total Liabilities and Shareholders Deficit |        | $              | 19,824  |  
|                                      |                                                                                              |                                             |        |               

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PLUMAS BANCORP AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS

|                                  |                      |                      |                          |        |                        |        | 
|--------------------------------- | -------------------- | -------------------- | ------------------------ | ------ | ---------------------- | ------ | 
|                                  |                      |                      |                          |        | For the Period        
|                                  |                      |                      |                          |        | January 17, 2002      
|                                  |                      |                      |                          |        | (date of inception) to
|                                  |                      |                      |                          |        | March 31, 2002        
|                                  |                      |                      |                          |        |                       
|Interest income                   |                      | $                    |                         |       
|Interest expense on notes payable |                      |                      | 162                      |       
|                                  |                      |                      |                          |       
|                                  | Net interest expense |                      |                          | 162    |                       
|Non-interest expenses:            |                      |                      |                          |       
|                                  | Professional fees    |                      |                          | 11,142 |                       
|                                  | Filing fees          |                      |                          | 4,184  |                       
|                                  |                      |                      |                          |       
|                                  |                      | Total other expenses |                          |        | 15,326                 |       
|                                  |                      |                      | Loss before income taxes |        |                        | 15,488 | 
|Income taxes                      |                      |                      |                         |       
|                                  |                      |                      |                          |       
|Net loss                          |                      | $                    | 15,488                   |       
|                                  |                      |                      |                          |       

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PLUMAS BANCORP AND SUBSIDIARY
UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOWS

|                                                                                  |                              |                                           |         |                        |         |  
|--------------------------------------------------------------------------------- | ---------------------------- | ----------------------------------------- | ------- | ---------------------- | ------- | -
|                                                                                  |                              |                                           |         | For the Period        
|                                                                                  |                              |                                           |         | January 17, 2002      
|                                                                                  |                              |                                           |         | (date of inception) to
|                                                                                  |                              |                                           |         | March 31, 2002        
|                                                                                  |                              |                                           |         |                       
|Cash flows from operating activities:                                             |                              |                                           |         |                       
|Net loss                                                                          |                              | $                                         | (15,488 | )                     
|Adjustments to reconcile net income to net cash provided by operating activities: |                              |                                           |         |                       
|                                                                                  | Increase in interest payable |                                           |         | 162                    |        
|                                                                                  |                              |                                           |         |                       
|                                                                                  |                              | Net cash used in operating activities     |         |                        | (15,326 | )
|Cash flows from financing activities:                                             |                              |                                           |         |                       
|                                                                                  | Increase in notes payable    |                                           |         | 35,000                 |        
|                                                                                  | Proceeds from common stock   |                                           |         | 150                    |        
|                                                                                  |                              |                                           |         |                       
|                                                                                  |                              | Net cash provided by financing activities |         |                        | 35,150  |  
|                                                                                  |                              |                                           |         |                       
|Increase in cash and cash equivalents                                             |                              |                                           | 19,824  |                       
|Cash and cash equivalents at beginning of period                                  |                              |                                           |        |                       
|                                                                                  |                              |                                           |         |                       
|Cash and cash equivalents at end of period                                        |                              | $                                         | 19,824  |                       
|                                                                                  |                              |                                           |         |                       

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PART I  FINANCIAL INFORMATION




ITEM 1. FINANCIAL STATEMENTS

Balance Sheet, Statement of Operations, Statement of Cash Flows and Notes as
required by Item 303 of Regulation S-B have been attached.

Notes to Consolidated Financial Statements

(1) ORGANIZATION

Plumas Bancorp (the Company) was incorporated under the laws of the state of
California on January 17, 2002 for the purpose of becoming a bank holding
company for Plumas Bank (the Bank). The Company, the Bank and Plumas Merger
Corporation, a California corporation and wholly owned subsidiary of the
Company (the Subsidiary) entered into a Plan of Reorganization and Merger
Agreement dated as of April 3, 2002 (the Agreement), pursuant to the terms of
which the Bank will become a wholly owned subsidiary of the Company, with the
present shareholders of the Bank receiving one share of the common stock of the
Company for each share of the common stock of the Bank held by them (the
Merger). Consummation of the transaction contemplated by the Agreement is
conditioned upon approval by various state and federal agencies and by the
shareholders of the Bank. During the period ended March 31, 2002, the Company
and the Subsidiarys only activity related to legal costs associated with the
formation of the Company and the Subsidiary.

In the opinion of management, the unaudited financial statements contain all
adjustments (consisting of only normal recurring adjustments) necessary to
present fairly the Company and the Subsidiarys consolidated financial position
at March 31, 2002 and the results of operations and the cash flows for the
period January 17, 2002 (inception date) to March 31, 2002.




ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

As of the date of this report, the Merger has not yet been consummated. The
Company does not lease or own any property and has not paid any remuneration to
any employee or director. Operations of the Company have been limited to legal
and regulatory expenses necessary to commence operations.




PART II  OTHER INFORMATION




ITEM 1. LEGAL PROCEEDINGS

As of the date of this report, there are no material legal proceedings against
the Company.




ITEM 2. CHANGES IN SECURITIES

As of the date of this report, only 100 shares of the Companys common stock
are outstanding; there is no market for the common stock; and no dividends have
been paid on the common stock.




ITEM 3. DEFAULTS UPON SENIOR SECURITIES

As of the date of this report, there are no defaults or delinquencies relating
to the stock of the Company.




ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

As of the date of this report, no matter has been submitted to a vote of
security holders.




ITEM 5. OTHER INFORMATION

Not applicable.




ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

As of the date of this report, no reports on Form 8-K have been filed during
the quarter for which this report is filed.

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SIGNATURES

In accordance with the Exchange Act, the registrant has caused this report on
Form 10-QSB for the quarterly period ended March 31, 2002, to be signed on its
behalf by the undersigned, thereunto duly authorized.

PLUMAS BANCORP

Date: May 7, 2002



| | /s/   DOUGLAS N. BIDDLEDouglas N. Biddle
EVP and Chief Financial Officer
| | ------------------------------------------------------------------------



| | /s/   WILLIAM E. ELLIOTTWilliam E. Elliott
President and Chief Executive Officer
| | --------------------------------------------------------------------------------



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