EUGENE, Ore.--(BUSINESS WIRE)--Summit Bank (OTCBB:SBKO) announced today that its Board of Directors has unanimously approved a two for one stock split of the company’s shares of common stock payable in the form of a stock dividend. The ex-dividend date will be April 4, 2014, and shareholders of record as of April 9, 2014 will receive one additional share for every share they own.
“Given Summit’s strong financial results for 2013 and the increase in our stock price, the Board reviewed a number of alternatives to thank our shareholders for their support over the years,” said Craig Wanichek, president and chief executive officer. “We believed the time was right for a one-time split to reward existing shareholders and increase the stock’s marketability by making it attractive to a larger number of potential investors.”
Summit Bank reported net interest income and non-interest income of $7.4 million for the fiscal year ending December 31, 2013, up 46.8% from $5.0 million in 2012. Net income for the year was $1.4 million or $1.39 per fully diluted share up 120.6% from 2012.
Headquartered in Eugene at 96 E. Broadway, the Bank specializes in providing high-level service to professionals and to local businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.