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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.  

Summit Bank Announces $5 Million Stock Offering

Company Release – 4/29/2020 9:00 AM ET

UPDATE 5/4/20: Thank you for your interest in the Summit Bank stock offering.  The stock offering, as of 5:00 p.m. on Monday, May 4, is fully subscribed. 

EUGENE, Ore.–Craig Wanichek, President and Chief Executive Officer of Summit Bank (OTC Pink: SBKO), today announced that the Summit Bank Board of Directors unanimously approved a $5 million dollar stock offering.

On April 23, the Summit Bank Board met to discuss and approve the offering of $5,000,000 in additional capital at $10.00 per share. The offering will be open for a maximum of 30 days. The minimum investment is $25,000 and the maximum purchase amount is 100,000 shares or $1,000,000 per household. The offering will be available to new and existing shareholders on a first-come, first-served basis.

According to Summit Bank Board of Directors Chair Paul Weinhold, “We believe the raise is necessary to solidify Summit Bank’s balance sheet in relation to the significant growth of PPP loans, as well as historic and projected growth in conventional loans and as a measure of prudence in entering into a time of economic uncertainty.” The Offering Circular is available on Summit Bank’s website at:

https://ir.sbko.bank/News

“We are excited about Summit Bank’s growth prospects in all of our markets,” said Wanichek. “While the COVID-19 virus has had a negative effect on economic activity, the Bank remains a source of strength for our clients and the communities we serve. Our team has approved, underwritten and funded nearly $90 million in Paycheck Protection Program loans to approximately 330 clients this month. We are currently working on Phase 2 of the PPP. Our local decision making, relationship based approach has resonated with current clients.”

The offering will be managed by the company who will administer all subscription notices. The subscription notice is attached to the Offering Circular.

Summit Bank, as of the end of the 2020 first quarter, reported net loans of $464.2 million, an increase of $26.7 million for the quarter and an increase of $106.5 million or 29.8 percent over March 31, 2019.

The Bank reported $88.5 million of cash and short-term investments in securities as of March 31, 2020. The Bank continues to hold very low levels of non-performing assets.

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. Summit Bank is one of the top community bank lenders in Oregon for SBA Financing. The Bank is designated this year as one of the Best Green Companies to Work for in Oregon, according to Oregon Business Magazine.

Please refer to the Offering Circular on Summit Bank’s website for additional detailed information and risk factors regarding the offering and the company.

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, effect of COVID-19 on national and local businesses, 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.

View source version on businesswire.comhttps://www.businesswire.com/news/home/20200429005184/en/

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

Source: Summit Bank

Summit Bank Recognized as one of the ‘100 Best’ Green Workplaces in Oregon

April 22, 2020, Eugene, OR – Summit Bank was named as one of the 100 Best Green Workplaces in Oregon for the second consecutive year.  To qualify, employees across the State rate their satisfaction with their employers’ sustainable workplace practices in two separate surveys.  The 100 Best Green Workplaces list is released annually to shed light on local businesses across all industries that are implementing green workplace practices and setting a standard for other organizations to follow.  

The full list of companies being recognized this year will be released in the June issue of Oregon Business magazine. “We are honored to be recognized as one of the Top 100 Best Green Companies to Work for in Oregon for the second year,” says Craig Wanichek, president and chief executive officer of Summit Bank. “We have a great team that is dedicated to making Summit Bank the best option for our communities, clients, and colleagues.” 

With offices in Eugene, Central Oregon and Portland, Summit Bank is a community 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 one of the topcommunity bank lenders in Oregon for SBA Financing.  

CARES ACT PAYCHECK PROTECTION PROGRAM UPDATE

UPDATE 5/18/20:

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application.

The U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.  The documents released will help small businesses seek forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans.

For complete information, click here.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications.  The form and instructions include several measures to simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

Click here to view the application. 

New information about the SBA Paycheck Protection Program

POSTED 4/8/20

Summit Bank’s goal is to help as many of our small businesses hurt by COVID-19 as possible. This is an unprecedented time in our lives.  The volume of the applications received for this program from businesses in our communities has been staggering.  Last Thursday night, before the launch of PPP, and as soon as guidance was available to us, we began reviewing hundreds of applications, and we haven’t stopped since.

Like all loan processes, a review and due diligence is necessary to move forward.  These were not grants but a special type of Summit Bank SBA loan with advantageous terms for borrowers. In this process, the bank took very seriously the main considerations of the bill:

  • The uncertainty of current economic conditions makes necessary the loan request to support the ongoing operations
  • The funds will be used to maintain workers and maintain payroll, or mortgage payments, lease payments and utility payments.

We had 500 applications to review by 2:00 p.m. on Thursday.  As of today, we have received preliminary approval on $50 million PPP loans, which is a large amount for a community bank with three offices and total assets of a little more than $500 million. Because these are loans that may remain on our books, certain regulatory capital levels have to be considered and therefore every application cannot be approved.  $50 million is not enough to fund all the applications we have received.    

We have tried to contact everyone personally. For those who have not been contacted, we were not able to process your loan due to the overwhelming demand and need in our communities. The SBA, as of the time of this writing, still has over $250 billion available in the Program. Therefore, we encourage you to apply for PPP from another resource.  Though we are not endorsing any alternatives, we are aware of three online resources that are taking applications for PPP approval among the many avenues that are available to pursue.  Their websites are:

Kabbage: kabbage.com
Newtek: newtekone.com
Ready Capital:  readycapital.com

Please check Summit Bank’s PPP page for updates as this program evolves.  

Information about the SBA Paycheck Protection Program

Update: April 6, 2020. Summit Bank takes pride in our ability to help small businesses and our communities hurt by COVID-19.  This is an unprecedented time in our lives.  The magnitude of the need of businesses in our communities is abundant.  We immediately began reviewing hundreds of applications Thursday night through the weekend. As you know, we are a local community bank with three offices and an asset size of a little more than $500 million. We have submitted over $35 million of PPP loans as of Monday morning to the SBA that have received preliminary approval.  Our entire Leadership Team has been working around the clock to process applications.  We are very happy that we have been able to help as many businesses as we have under these extremely high pressure times. We are disappointed that we are unable to immediately help the 500 + business clients who applied for the Paycheck Protection Program (PPP), which became available for application on the morning of Friday, April 3, 2020.  

We realize there is a lot of apprehension surrounding the PPP Program along with some fear that the program will run out of money before all PPP applications can be approved.  Along with other bank CEOs, I was able to join a video conference call Sunday morning with Treasury Secretary Mnuchin.  We learned:

  • Out of the 5,200 lenders in the United States, there were 1,900 lenders participating in the PPP.  
  • A small number of Community banks are the very first PPP lenders in the SBA system.  
  • Summit Bank is one of the first banks in the country that is up and running with loans already preliminarily approved over the weekend. 
  • We have learned that more lenders will start to process applications this week, including national and regional banks. 
  • Over the weekend SBA was receiving about $1 billion in approvals every hour.
  • There is a lot of support in Washington D.C, for more funding if the $349 billion runs out. 

We are working on several avenues that would allow us to provide additional funding. We believe we will know more in the coming days. It is our sincerest wish that we can help every client who has applied at Summit but, due to excessive demand exceeding supply, we are unable to help everyone. 

Next steps: 

We will reach out to those who have preliminary SBA approval in Phase 1 to follow up with closing documentation and required certifications by the end of the business day on Tuesday, April 7.   We are waiting for the SBA for finalized guidance that will be required prior to disbursement.  

Thank you

Craig Wanichek,
President and CEO

Expert Opinions in Times of Uncertainty

APRIL 2020 — It is in times of uncertainty that we often look, sometimes frantically, towards those whom we view to be in a position to offer sage advice, and who better than the Sage of Omaha. Perhaps now is one of the best times to revisit the words of Warren Buffett over the years. Below is a part of his 2008 Op-Ed for the New York Times (linked in its entirety under this article). 

Of course, the premise of the 2008 financial downturn and the current trends we are seeing are quite different from one another, but nonetheless, Buffett’s sentiments should give us solace in a world of many unknowns: “Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.” 

While 12 years and a lot of economic change separate us from Buffett’s first utterance of this statement, it still rings true today. We can look to history and find unmistakable resiliency in the American psyche, and pocketbook, overall. 

Now is the time to reinvest, recommit, and look local. In times of downturn it is the local communities we know and love, like the ones we’re committed to here at Summit Bank, that have the power to change our world.  

Noah Wilcox, the new chair of the Independent Community Bankers of America (ICBA), told American Banker, ‘“Community banks make 50-plus percent of small business loans nationally, and those are the businesses that keep employment and local economies strong.”’ 

And we couldn’t agree more. President and CEO of Summit Bank, Craig Wanichek says, “Banks like Summit are significantly more prepared with capital, liquidity, and experience to handle these types of challenges today. We have already approved loans modifications, increased lines of credit and talked with our clients about next steps and additional contingency plans.” 

We take pride in the relationships on which Summit’s foundation was built. Our clients are the reasons our communities are so great—we’re ready to help, to innovate and come up with new solutions for new challenges, even the ones that may seem insurmountable. 

“I am reading the book, Ride of a Lifetime, by Robert Iger, former CEO of Disney, he had a very apropos statement,” Wanichek said. ‘“If you approach and engage people with respect and empathy, the seemingly impossible can become real.”’

We have faith in our community. In the power of investing and buying locally, in historical lessons that say: we will rise again. 

To read Warren Buffett’s Op-Ed, click here. 

For the American Banker interview with Noah Wilcox, click here

For Summit CEO & President, Craig Wanichek’s recent letter to the community, click here.