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Summit Bank Announces Rachael Baker Promotion to Vice President, Compliance Officer

July 30, 2020 – Craig Wanichek, president and chief executive officer of Summit Bank (OTC Pink: SBKO), today announced that Rachael Baker has been promoted to Vice President, Compliance Officer.  She is responsible for managing all facets of regulatory compliance affecting bank operations, including marketing, deposits and lending through Summit Bank’s Compliance program.  She will also maintain and assess compliance policies and business procedures for integration of regulatory requirements and industry best practices.

Baker was the second hire in Summit Bank’s de novo Central Oregon office when it opened five years ago.  “During her time at Summit Bank,” said Wanichek, “Rachael has proven to be a valuable asset and colleague at Summit Bank.  She has worked her way from Associate Business Client Advisor to Business Portfolio Manager, where she managed a team of commercial underwriters and a loan processor.”  Baker’s promotion includes being appointed to Summit Bank’s Leadership Team.  

Baker is an active member of the Central Oregon community.  She serves on the advisory board of Heathy Families of the High Desert, volunteers regularly with the local school district, and coaches youth softball. 

With offices in Eugene, Bend and downtown Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners.

Summit Bank Reports 2nd Quarter Earnings

EUGENE, Ore. — July 22, 2020: Summit Bank (OTC Pink: SBKO) reported net income for the second quarter of $1.41 million or 25 cents per fully diluted share.  Earnings for the comparable period one year ago were $1.35 million or 26 cents per fully diluted share. Year to date earnings were $2.38 million or 44 cents per fully diluted share, compared to $2.59 million or 49 cents that the Bank earned during the first six months of 2019. Increased average number of shares from our successful $8.0 million capital raise in the first quarter impacted earnings per share for the quarter and year-to-date.

The Bank was able to grow earnings despite elevated loan related losses in the Bank’s small business commercial equipment finance portfolio as well as increased provision for future loan losses resulting from the ongoing impact of the COVID-19 pandemic. The focus of the SBA division on the Paycheck Protection Program (PPP) led to a decline in non-interest income for the quarter, as the Bank has historically booked and sold a portion of its traditional SBA loans in the secondary market.  Net interest income for the six month period, excluding PPP activity, exceeded the similar period last year by $1.45 million, an increase of 13.1 percent as the Bank’s core operations remain robust despite the challenging economic environment. 

The Bank responded to the Federal SBA PPP during the second quarter by originating $114.2 million in loans to help our clients mitigate the impact of the COVID-19 pandemic.  This lending activity combined with robust growth in deposits from existing and new clients expanded Summit’s balance sheet significantly during the quarter with total loans increasing by $121.4 million or 26.1 percent during the quarter and $195.9 million or 50.3 percent over the previous year, and total deposits increasing by $88.2 million or 17.6 percent during the quarter and $179.0 million or 43.8 percent over the previous year. The Bank completed a successful common stock offering during the second quarter raising nearly $8 million in new capital that will be used to support the Bank’s continued loan balance sheet growth.  

“The effort by the entire team to get us through the PPP and support our communities was tremendous,” said Craig Wanichek, President and CEO. “We are also very humbled by the confidence our communities have in Summit Bank by bringing nearly $8 million in new capital in one day.”  

The Bank’s available liquidity was extremely strong during this period of uncertainty with $119.4 million of cash & short-term investments in securities as of June 30, 2020. This is more than twice the total of $58.5 million in similar assets held at June 30, 2019. Non-performing assets remain low with total non-performing assets at June 30, 2020 representing just 0.24percent of total assets, a decrease from 0.28 percent at June 30, 2019.

“As a technology-focused bank,” said Wanichek, “Summit was able to come together for the benefit of our clients and communities this quarter. As an essential business, Summit remained open throughout the pandemic and helped find ways to ease the financial burdens of our clients.  Our bankers worked closely with business owners and nonprofit executives to understand their needs and tailor services accordingly.  Our investment in technology including accessible remote and online banking enabled us to be “pandemic ready,” which allowed our bank to continue to serve all of our clients during lockdown.”

With offices in Eugene, Central Oregon and downtown Portland, 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.  

Important information regarding protective masks at Summit Bank

As of Wednesday, July 1, per an executive State of Oregon order from Governor Brown, face coverings in all three of our branch offices are mandatory. We might ask you to briefly lower your face covering for ID purposes.  For expedited service, please continue to use our drive-through in Eugene and Central Oregon, as well as mobile, online and remote banking options. Thank you!

Summit Bank Recognized as a Top Performer by American Banker

Summit Bank was recognized as one of the top community banks in the nation by American Banker, which covers the latest news on the banking and finance industries in the US.  The publication issued a list of the Top 200 Community Banks in 2020 based on three-year return on average equity.  Contributing factors to make the list include loan and deposit growth.  Summit ranks number 36 out of a total of 5600 community banks across the County.  

“We are excited about the solid foundation we are developing for the Bank, great new clients, additional capital and developing a wonderful team, all we achieving terrific returns,” said Craig Wanichek, president and chief executive officer.  “This industry recognition coupled with the opening of our third office in downtown Portland is a credit to our clients and colleagues.  Our goal is to continue to work hard to be the business bank of choice for Oregon businesses.” 

Wanichek is also receiving recognition on a national level.  This year, he was reappointed to the Independent Community Bankers of America (ICBA) Federal Delegate board by Chairman Rebeca Romero Rainey.  

Summit Bank is a certified SBA lender.  The Bank’s SBA Division is consistently recognized as one of the top SBA lenders in the State of Oregon.  With offices in Bend, Eugene and downtown Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the OTC Pink as SBKO.

From Craig Wanichek, President and CEO:

Like so many members of our community, we continue to reflect on this turbulent and difficult time in Oregon and across the nation. The protests have sparked a conversation and call to action the likes we have not seen in my adult life. Racism needs to stop and those who do not live up to this basic moral standard should be held accountable, no matter their position in our communities. 

We share in the pain, anger, and outrage that so many are feeling after the senseless and brutal killing of George Floyd and so many other Black Americans. We must all do more to end racism and discrimination. 

Summit Bank firmly condemns racism or discrimination of any kind. We are also dedicated to learning more about what we can do to end racism of all kinds to build up our communities.

Updates to the Paycheck Protection Program

Updated 6/5/2020. For complete information, see our Paycheck Protection Program page.

The following provisions are included the law President Trump signed June 5, 2020: 

  • The 75%-25% breakdown of payroll to non-payroll expenses has been changed to a 60%-40% split. For more information about eligible costs, please see the linked .pdf below.  
  • The 8-week Covered Period has been extended to 24-weeks. Borrowers with pre-existing loans may choose to retain previously authorized 8-week period. 
  • The deferral period now extends until the forgiveness amount is remitted to the lender; or, 10 months after the end of the 24-week period. 
  • Borrowers with forgiven loans can defer payroll taxes. This effectively overrules a prior IRS decision to the contrary. 
  • Expands the safe harbor for rehiring employees by stating that borrowers’ forgiveness will not be impacted by a reduction in the employees if the borrower is able to document an inability to rehire previously employed individuals, new individuals with similar qualifications, or if the borrower is unable to return to the same level of business activity as on February 15, 2020. 
  • Extends the loan maturity minimum to 5-years for all new loans. Any pre-existing loans may be amended to reflect the new maturity terms if the Lender and Borrower mutually agree. 

All provisions, with the exception of the loan maturity minimum apply to new and pre-existing loans. Information is subject to change as more guidance is released. Website and client communications will be updates as new information becomes available. Please contact your banker with additional questions. 

To maintain bottom half of webpage, with the exception of this link, which will be updated as “Paycheck Protection Program Flexibility Act of 2020” and is the attached pdf. 

To maintain bottom half of webpage, with the exception of this link, which will be updated as “Paycheck Protection Program Flexibility Act of 2020” and is the attached pdf. 

For more information, click here.

Chris Hemmings recognized as one of Independent Banker’s 40 Under 40 Across America: Emerging Community Bank Leaders

June 1, 2020, Eugene, OR – Independent Banker, the flagship publication of Independent Community Bankers of America (ICBA) has named Chris Hemmings, the Chief Administrative Officer of Summit Bank, as one of its 40 Under 40: Emerging Community Bank Leaders.  The nomination-based award recognizes up-and-coming community bankers who demonstrate exceptional potential in leadership, innovation and community work.  

“From CEOs to compliance officers, branch managers, lenders and marketers, this annual award continues to uncover extraordinary talent within the community banking industry,” ICBA President and CEO Rebeca Romero Rainey said. “We congratulate Chris Hemmings on this well-deserved honor. His deep belief in the community bank business model and passion for supporting his [clients] and communities, especially in this COVID-19 environment where community bankers continue to step up to serve the needs of [clients], should be commended.”  

Winners are featured in the June 2020 issue of Independent Banker, which is showcased on the Independent Banker website and accessible via the digital issue of the magazine.  Chris was recognized for his honest and genuine leadership style and major projects, such as Summit Bank’s quarterly Business Confidence Index. 

According to Craig Wanichek, president and chief executive officer of Summit Bank, “Chris is a determined and passionate member of our team. His commitment to the community makes him a great asset and we couldn’t be more honored.” 

With offices in Eugene, Central Oregon and Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on OTC Pink as SBKO.  Summit is a too community bank lender in Oregon for SBA Financing.  Summit Bank is designated this year as a one of Oregon’s 100 Best Green Companies Oregon in 2020.

Central Oregon and Eugene offices to re-open lobbies on June 1

Dear Summit Bank Clients, 

As many Oregon counties work through Phase I of the reopening guidelines presented by Governor Kate Brown, Summit Bank has designed its plan in accordance with the most up-to-date guidelines.  

Our Central Oregon and Eugene offices will be re-opening lobbies on Monday, June 1, 2020 with regular business hours of 9:00 a.m. – 5:00 p.m., Monday through Friday.  We recommend that clients continue to use the drive-through where feasible to limit, where possible, in person transactions.  We would also like to remind you that Summit Bank offers a range of alternative banking channels that are convenient and secure for your use in lieu of conducting business in our offices. We encourage you to use them when possible: 

  • Mobile Deposit Banking – available 24 hours a day.
  • Remote Deposit Banking – available 24 hours a day. 
  • Personal and Business Online Banking – available 24 hours a day. 
  • Night Drop Banking – checked every 30 minutes during business hours (Central Oregon and Eugene locations). 
  • Drive-Through Banking – available Monday-Friday 9:00a.m. – 5:00p.m. 

For those who choose to conduct business in our offices, the following safeguards are in place:  

  • Social distancing discs placed at six-foot increments on the floor to maintain proper social distancing while inside the office.  
  • Single entry and exit points. Clients will be asked to enter through one door and exit through another. This ensures safe social distancing be maintained for the entire time you are inside the branch office. 
  • Plexiglass germ shields at every teller station and new account desks. 
  • Face coverings for our colleagues and clients. Bank personnel will be required to wear masks during client interactions. We recommend that clients use face coverings at our locations if entering one of the lobbies. Should you wear a face covering into the office, please note that we may ask you to briefly remove it for identification requirements. 
  • Regular cleaning of frequent touch points and sanitizing protocols, further outlined below. 

When conducting your banking in-person, if you enter the branch office and there are no available social distancing discs, please wait outside or conduct your business using the drive-through banking lane. 

We have instituted a number of cleaning and sanitization protocols to ensure the safety of our clients and colleagues. 

  • End of day sanitization of common areas and frequently touched areas. 
  • Regularly scheduled janitorial service cleanings. 
  • During business hours, assigned colleagues will regularly wipe down high touch point areas, such as door handles and desks. Pens will be wiped down after each use.  
  • Hand sanitizer stations have been installed throughout the building, and we ask that clients and colleagues regularly use them as they enter and exit bank areas. 

We want to thank you for your continued support and patience during this unprecedented and rapidly changing time. We are actively working to provide superior service in the safest way possible. As guidelines continue to evolve and change, we will do the same. Please feel free to reach out to your banker with any comments, questions, and concerns. 

Sincerely,  

Summit Bank 

Summit Bank approves approximately $114 Million in Loans for Small Business Relief Efforts

May 6, 2020 – Summit Bank today announced that it was able to help 440 small businesses and nonprofits across Oregon under the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP).   The PPP opened on Friday, April 3, to help small businesses maintain their workforce during the Coronavirus (COVID-19) pandemic.  

Summit Bank approved 440 applications totaling $114 million.  During the second phase of funding by the Department of the Treasury, Summit was able to fund all previously approved loans held in its queue.  These loans will help business and nonprofit entities hire back or retain thousands of Oregon employees by companies in all three of our markets.  Over half of the Bank’s loans were under $100,000.  

Industries approved by the Bank include construction, food and beverage, nonprofit, professional and technical services, manufacturing, health care, arts and entertainment and retail. The loans made by Summit Bank will support the stabilization of local economies throughout Oregon.  For thousands of people in Oregon, these loans will prevent layoffs and put people back to work.  “The injection of cash is so important to the communities where we operate,” said President and Chief Executive Officer Craig Wanichek.  “We are very honored to play a role in the program.  We worked very quickly with the SBA to make the funding available to our clients.  Demand for these loans was extremely high.  Our team worked tirelessly including nights and weekends to ensure we processed and funded PPP loans as quickly as possible for our clients.”

The Bank increased loan commitments to the maximum amount feasible multiple times throughout the process, as regulators modified rules on capital and liquidity in relation to the PPP Loans. “We were very impressed that Summit had a process together and was ready to start reviewing applications the day before the program opened,” said Angela Wilson, CEO of Eugene Gastroenterology and Oregon Endoscopy.  “The SBA team at Summit made the process seamless.”  Other clients, including David Bong, CEO of Avant Assessment, the world’s leading online language proficiency test provider said, “Unlike major banks frozen by the indecision about the SBA rules on the PPP, Summit acted – early and boldly.  They knew that they needed to get in line for their clients before the funds for the program ran out.  Like all good entrepreneurs, Summit acted when others dithered.” 


The PPP loans are intended to help small businesses and nonprofits keep their workers on their payroll. The loans have the opportunity to be forgiven if employers utilize at least 75% of the proceeds on payroll with the remaining money allowed to be spent on rent, interest on debt and utilities. 

Summit Bank is a certified SBA lender.  The Bank’s SBA Division is consistently recognized as one of the top SBA lenders in the State of Oregon.  With offices in Bend, Eugene and downtown Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the OTC Pink as SBKO. 

Summit Bank Announces $5 Million Stock Offering Oversubscribed

May 5, 2020, Eugene, OR – Craig Wanichek, President and Chief Executive Officer of Summit Bank (OTC Pink: SBKO), today announced that the bank’s $5,000,000 stock offering has been oversubscribed and closed. The Board of Directors approved a resolution to accept approximately 850,000 shares that were subscribed at $10 per share. 

“The Board of Directors believes it was in the best interest of our current and new shareholders to accept the additional capital,” said Paul Weinhold Chair of the Board of Directors. “We are pleased by the number of new shareholders the offering attracted and that we were able to raise this level of capital during this pandemic.”

On April 23, the Summit Bank Board of Directors announced the approval of up to a $6,000,000 stock offering.  The Bank began formally receiving Subscription Agreements the morning of Monday, May 4 and the stock offering was oversubscribed by 5:00 p.m. 

The capital will be used to support historic and projected growth in conventional loans, as a measure of prudence entering into a time of economic uncertainty and to support the Bank’s Paycheck Protection Plan lending.

The offering was open to new and existing shareholders on a first-come, first-served basis. “The response by our clients and communities we serve was overwhelming,” said Wanichek.  “Our plan was to raise $5,000,000 in 30 days. It took less than one business day to become oversubscribed. We are truly humbled and honored by the support.”   

With offices in Eugene, Central Oregon and Portland, 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 Over-the-Counter Bulletin Board as SBKO.  Summit is a number one community bank lender in Oregon for SBA Financing.  Summit Bank is designated this year as one of the 100 Best Green Companies to Work for in Oregon for efforts in the sustainability area, according to Oregon Business Magazine.