Summit Bank Announces $5 Million Stock Offering Oversubscribed

EUGENE, Ore.--()--Craig Wanichek, president and chief executive officer of Summit Bank (OTCBB: SBKO), today announced that the $5 million stock offering has been oversubscribed.

On Friday, March 3, the Summit Bank Board of Directors announced the approval of a 392,156 shares offering at $12.75 per share or $5,000,000 in additional capital. The Bank began receiving Subscription Agreements Monday, March 6, and the stock offering was oversubscribed by March 7. The capital will be used to augment the Bank’s strong capital base and support growth opportunities as a result of the recently announced acquisitions in both of its primary markets. The offering was open to new and existing shareholders on a first-come, first-served basis.

“The response by the communities we serve was overwhelming,” said Wanichek. “Our plan was to raise $5 million in 30 days. It took less than 2 business days to become oversubscribed. We are also pleased by the number of new shareholders the offering attracted.”

With offices in Eugene and Bend, Summit Bank is a business bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. Summit is the number one community bank lender in Oregon for SBA Financing. Summit Bank is designated this year as one of the 100 Best Companies to Work for in Oregon, according to Oregon Business Magazine.

This press release contains certain forward-looking statements. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of which are beyond our control. These forward-looking statements include, but are not limited to, (i) statements about our plans, objectives, expectations and intentions and other statements that are not historical facts, and (ii) other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “will,” “plans” or similar words or expressions. Some of the factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to, the following possibilities: our ability to execute our business strategy successfully; revenues are lower than expected; credit quality deterioration that could cause an increase in the provision for credit losses; competitive pressure among depository institutions increases significantly; changes in regulatory environment and/or regulatory compliance burden; changes in consumer spending, borrowings and savings habits; a change in the interest rate environment reduces interest margins; asset/liability repricing risks and liquidity risks; general economic conditions, particularly those affecting real estate values, either nationally or in the market areas in which we do business, are less favorable than expected; loss of key personnel; the effects of and changes in monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; continued volatility in the credit or equity markets and its effect on the general economy; demand for the products or services offered by the Bank; and the costs and effects of legal, accounting and regulatory developments.

Contacts

Summit Bank
Craig Wanichek, 541-684-7500
President & Chief Executive Officer

Contacts

Summit Bank
Craig Wanichek, 541-684-7500
President & Chief Executive Officer