Summit Bank Group, Inc. Issues Stock Dividend

EUGENE, Ore.--(BUSINESS WIRE)--Summit Bank Group, Inc. (OTC Pink:SBKO) announced that its Board of Directors approved a five for four stock split of the company’s shares of common stock payable in the form of a stock dividend. The ex-dividend date is April 9 with shareholders of record as of April 1 receiving one additional share for every four shares they own.

According to Summit Bank Group Board of Directors Chair Paul Weinhold, “We believe the time is right for a one-time split to continue to increase the stock’s marketability and liquidity by making it attractive to a larger number of potential investors.”

Summit Bank reported net income for the fiscal year ended December 31^, 2020 of $7.93 million or $1.38 per fully diluted share, an increase of 29 percent over 2019. The Bank has achieved year over year net loan growth in excess of 15 percent for 26 consecutive quarters.

“We are excited to be in a position to provide shareholders with this stock dividend,” said Craig Wanichek, President and Chief Executive Officer. “Summit Bank and our clients were successfully able to pivot during a tumultuous 2020, which resulted in record earnings for the Bank.”

Summit Bank, a wholly owned subsidiary of Summit Bank Group, Inc. has offices in Eugene, Central Oregon and Portland, and specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank Group Inc. is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.