Summit Bancshares, Inc. Announces a Special Dividend

OAKLAND, Calif.--(BUSINESS WIRE)--The Board of Directors of Summit Bancshares, Inc., at a meeting held on May 17, 2023, in recognition of the bank’s 41^st successful year in business, declared a second special dividend of $0.41 per share, payable on June 30, 2023, to Shareholders of record as of close of business on June 9, 2023.

Summit Bancshares, Inc., parent company of Summit Bank, a commercial bank having full service branches in Oakland, Walnut Creek, and Emeryville, reported an increase in the 1^st quarter earnings by 390% to $1.6MM compared to $325M for the 1^st Quarter 2022.The increase in earnings was primarily from our investments which consist of Due from Time and Excess reserve with Federal Reserve as well as loan growth.

We are especially proud of our history of success having achieved monthly profits in our second month of operation and have consistently been profitable for 490 months.

Summit Bancshares, Inc., (OTC Bulletin Board; SMAL, is the parent company of Summit Bank).