Summit Bancshares, Inc. Announces Completion of Purchase and Assumption Transaction with San Francisco Federal Credit Union

OAKLAND, Calif.--(BUSINESS WIRE)--Summit Bancshares, Inc. and its wholly owned subsidiary, Summit Bank (“Summit”), Oakland, California, announced the completion of the Purchase and Assumption transaction with San Francisco Federal Credit Union, San Francisco, California (“SFFCU”) by which Summit transferred substantially all of its assets and SFFCU assumed substantially all of Summit’s liabilities.

Pursuant to the Purchase and Assumption Agreement that was approved by the shareholders of Summit Bancshares, Inc., over the next year, Summit will proceed with the dissolution and liquidation of Summit and distribute to the shareholders of Summit Bancshares, Inc. the cash proceeds from the transaction with SFFCU. It is anticipated that an initial distribution to Summit Bancshares, Inc. shareholders will occur in late July or early August, 2026, followed by two distributions in 2027, after the completion of the tax payments to federal and state agencies related to the liquidation of Summit.

The Board of Directors of Summit, inclusive of its founder, Shirley Nelson, wants to thank the shareholders and customers for their many years of support. Shareholders will receive communications from Summit Bancshares, Inc. with more details related to the distributions that will occur over the next twelve months.