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SUMMIT BANK HIRES LONG-TIME INDUSTRY EXPERT AS PROGRAM ADVISOR TO SBA DIVISION

Doug Wolford joins Summit Bank today as Vice President, SBA Program Advisor for Summit Bank’s Small Business Administration Division.

Doug has nearly 30 years of SBA experience, previously leading SBA for a well-known regional bank with borrowers in Alaska, Washington, Oregon, Montana, and Idaho. He is a graduate of Montana State University and has a Bachelor’s degree in Economics and a Master’s of Science degree in Applied Economics.

Doug’s role with the Bank will focus on cultivating relationships with current and prospective SBA borrowers.  He will also work with clients and colleagues in our Eugene / Springfield, Central Oregon, and Portland markets. According to Summit Bank Senior Vice President and SBA Administrator Ashley Horner, “We are thrilled to have Doug join the Summit Bank SBA Division. His depth of experience in the government guarantee loan arena is unmatched and this will provide Summit Bank clients with an additional benefit in obtaining SBA 7(a) loans including SBA Express Lines of Credit and USDA loans.”

He is a long-time member of the National Association of Guaranteed Government Lenders (NAGGL) and is a member of the Northwest Business Development Association (NWBDA) Loan Committee.

SUMMIT BANK ANNOUNCES NEW ADVISORY BOARD FOR EUGENE/SPRINGFIELD MARKET

Eugene, OR July 21, 2021:   

Summit Bank, the fourth-largest bank headquartered in Oregon, today announced the formation of a Eugene/Springfield Advisory Board, comprised of six business leaders in the community.  The advisory board will leverage their skills and expertise to provide guidance and direction to Summit Bank’s Eugene/Springfield leadership team. 

The new advisory board members are Kyle Hudson (CEO at IMA Financial/KPD), Paula Lafferty (CEO at SnoTemp), Rusty Rexius (Founder & Co-President at Rexius), Casey Roscoe (SVP at Seneca Sawmill Co.), Kelly Sutherland (Executive Director at Relief Nursery Eugene) and Scott Williams (Board Chairman at Hamilton Construction) “These six new advisory board members represent a significant milestone for the Bank as we work together to become Oregon’s leading business bank,” said Craig Wanichek, President and CEO of Summit Bank. “Our advisory board brings a diverse combination of leadership expertise and professional skills that will help us strengthen Summit Bank’s commitment to being the business bank of choice for small to medium size businesses headquartered in the State of Oregon.” 

More information about the advisory board is below:

  • Kyle Hudson, IMA Financial/ KPD

Kyle is the CEO of k.p.d. insurance/ IMA Financial Group. He is a Central California native and a graduate from Oregon State University. In 2003, Kyle joined k.p.d. insurance. Although new to the insurance industry that year, Kyle finished in the top 2% of students in the National Alliance for Insurance Education’s New Producer School. That resolve for excellence is key to his follow-through and attention to details with clients, carriers, and employees. Kyle holds the designation of Certified Insurance Counselor.

  • Paula Lafferty, SnoTemp

Paula is a third-generation shareholder and CEO at SnoTemp Cold Storage. She was born in Eugene and raised around the family business. She attended the University of Colorado and received a Bachelor’s degree in International Studies and History. After a year of project work for SnoTemp, she set off to travel around Asia and South America, returning to live and work in Los Angeles. In 2010, she returned to Oregon and has worked in all areas at SnoTemp while the business more than doubled in size. She is passionate about working alongside family members to sustain and grow the family businesses. Paula served 10 years as a director for Broughton Lumber Company and volunteered as a director for the Willamette Valley Sustainable Foods Alliance. She is currently the president and chair of the Board of Directors of SnoTemp.

  • Rusty Rexius, Rexius

Rusty is the Co-President of Rexius. He grew up in the family business, holding his first “real” job with the company at age 12. He studied business at the University of Oregon but left two terms early to buy his first business in Portland before joining Rexius. The company has been thriving for over 90 years.  Rusty has worked for Rexius full time for 32 years as he provided general oversight of all transportation, retail, wholesale, commercial, and landscape operations.  He is currently a board member for Christians as Family Advocates, Pleasant Hill School Board, and Talia’s Voice.

  • Casey Roscoe, Seneca Sawmill Co.

Casey is the Senior Vice President of Marketing & Communications at Seneca. She graduated from Providence College with a Bachelor of Science degree in Marketing. She moved to Washington, D.C. to work for Congressman Bob Smith who represented Oregon’s 2nd Congressional District and was also Chairman of the House of Agriculture Committee. As SVP of Marketing & Communications, Casey is part of Seneca’s four-person executive team. In addition to her position at Seneca, Casey sits on the Board of Directors of the Oregon State University Forestry Education Council, GreenLane Sustainable Business Network, and Oregon Forest Resources Institute.

  • Kelly Sutherland, Relief Nursery Eugene

Kelly Sutherland was born in Lexington, Kentucky. She moved to New York City where she attended New York University, earning a Bachelor of Arts in Film and Television, and a Master of Arts in Journalism. Kelly lived and worked in New York City until she moved with her family to Eugene in 1999. She immediately began volunteering at Relief Nursery and after 6 years in the community, began working at Relief Nursery.  In 2011 she assumed the leadership role as Executive Director, a position she has held since 2010. Kelly has overseen the expansion of services into the Springfield community and as a member of the Oregon Association of Relief Nurseries has been instrumental in the growth and expansion of Relief Nurseries across the state.

  • Scott Williams, Hamilton Construction

Scott is the Chairman of the Board of Directors of Hamilton Construction. He was born and raised in Oregon and graduated from Oregon State University with a civil engineering management degree. Throughout his 42 year career with Hamilton, he has worn many hats, from engineer, project manager and chief estimator, to president from 2000 to 2019. Scott currently serves on the boards of Construction Education Foundation, Looking Glass Youth and Family Services and AGC National Charities.

Summit Bank, with offices in Eugene/Springfield, Central Oregon and the Portland Metropolitan area, specializes in providing high-level service to professionals as well as medium-sized businesses and their owners. Summit was recognized in 2020 as the Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

Summit Bank introduces upgraded debit card after-hours contact center

Hello Summit Bank clients. Our new upgraded debit card after-hours contact center is now live!  In addition to debit card premium text alerts (including weekends and holidays) the upgraded center includes:

  • Damaged Card Replacement
  • Card Production Inquiries
  • Pin Counter Reset
  • Pin Mailer Reissue
  • Travel Exemptions
  • Card Valet Assistance
  • 3D Secure

Thank you for banking with Summit.  We appreciate your business and are happy you are here. 

SUMMIT BANK ANNOUNCES NEW BOARD OF ADVISORS FOR PORTLAND METROPOLITAN OFFICE

Summit Bank announced today the introduction of a new Portland Metropolitan-based Board of Advisors. These seven members of the advisory board will leverage their collective skills and expertise to provide guidance and direction to our Portland Metropolitan office.

Joining the newly established Board is Adam K. Abplanalp (Cobalt CPA), David Howitt (Meriwether Group), Jessica Getman (Brown & Brown), Jerry Elliott (EOP Law), Orlando Williams (Motus Recruiting & Staffing), Tom Beer (OHSU), and Vanessa Sturgeon (TMT Development).

“We are very pleased to welcome this group of talented, experienced leaders to advise our company through future phases of growth in Portland,” said Market President Jamie Shulman. “Their collective expertise in key areas such as Commercial Real Estate, Insurance, Healthcare, and Professional Services will be invaluable as the team helps guide strategic decisions and our client relationships. I am excited and confident our advisory board will bring new opportunities to strengthen Summit Bank’s commitment to being Oregon’s Business Bank of choice.”

Advisory Board Members include a diverse group of Oregon leaders.  The group will meet quarterly with an initial meeting on Tuesday, July 20.

  • Adam K. Abplanalp, Cobalt CPA

With plans to one day work for the United Nations, Abplanalp went to pursue a Political Science degree at the University of Oregon’s Honors College. He changed his major in the middle of his junior year and was the first Honors College student to get a degree in Accounting. After seven years working at Umpqua Bank, Adam was ready for a new challenge. He founded Cobalt in May of 2015.

  • David Howitt, Meriwether Group

Howitt is an entrepreneur, operator and innovator with over 20 years of experience providing business strategy, financial and legal counsel to global Fortune 100 companies and early-stage start-ups. His experience working with iconic consumer brands started in 1996 when he assumed the role of Corporate Counsel for Adidas, a role he had for four years, during which time the company experienced explosive growth.

  • Jessica Getman, Brown & Brown Insurance

Getman is President of Brown & Brown Northwest Insurance, a division of Brown & Brown Insurance. In addition to managing the Northwest region, including offices in Portland, Bend, Medford and Southwest Washington, she provides service and consultation to many large commercial clients. Brown & Brown Northwest is one of the largest insurance operations in the Pacific Northwest.

  • Jerry Elliott, EOP Law

Elliott assists clients primarily in business and real estate matters. His practice includes business formations, financings, mergers and acquisitions, commercial transactions, and real estate deals. He also provides general counsel to closely-held companies. He previously practiced law in California, where he specialized in business and real estate transactions, securities law, and debt and equity financings, including venture capital financings and private and public offerings.

  • Orlando Williams, Motus Recruiting & Staffing

Williams is president, chief executive officer, and chief equity officer of Motus Recruiting and Staffing, Inc. Before founding Motus in 2006, Orlando started his recruiting career as an ambassador for prospective visiting athletes at the University of Oregon. He also served in a high-profile advocacy role as a player and Community Outreach Ambassador of Goodwill for the world-famous Harlem Globetrotters.

  • Tom Beer, OHSU

Dr.  Beer is a Professor of Medicine and Grover C. Bagby Endowed Chair for Prostate Cancer Research in the Division of Hematology & Medical Oncology, where he leads the Prostate Cancer Research Program, encompassing basic research, translational research, clinical trials of novel therapeutic strategies in prostate cancer, and studies aimed at enhancing cancer survivorship.

  • Vanessa Sturgeon, TMT Development

Sturgeon became president and CEO of TMT Development in 2010. Founded by her grandfather, Thomas P. Moyer, Vanessa started learning the business while still in college. Today, she leads a team that manages more than 6.5 million square feet of mixed-use high-rise assets, retail shopping centers, and industrial parks in Oregon and Washington.

Summit Bank, with offices in Eugene/Springfield, Central Oregon, and the Portland Metropolitan area, specializes in providing high-level service to professionals as well as medium-sized businesses and their owners. Summit was recognized in 2020 as the Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

Summit Bank to send text alerts for unusual or fraudulent debit card activity

As a result of continuous effort to ensure your Summit Bank account(s) are safe and secure, you will soon start receiving text alerts from Summit Bank when unusual or fraudulent debit card activity is suspected.  

Starting July 20, all Summit Bank debit card clients will receive text alerts from Summit Bank’s Fraud Center instead of phone calls when this activity is detected.  To recognize that these text alerts are from Summit Bank’s Fraud Center, they will have the code 37-268 embedded within the message.

The text alert will be requesting you verify the suspicious transaction with a “YES” it was me, or “NO” it was not. You can also choose to opt out of these text messages by replying “STOP.”  If you do not respond to the text alert within 15 minutes to verify the transaction, you will receive a follow up phone call.  

In order to receive these new text alerts, we must have your cell phone number on file and attached to your card.  This new safety enhancement to our debit cards is put in place to help your account remain confidential and secure.  

If you have any questions or concerns about this new enhancement, please contact your banker.

Summit Bank adds Jenn Limoges to the Central Oregon Advisory Board

Summit Bank is pleased to announce that Jenn Limoges, a 15-year real estate executive and co-owner of the NAI Cascade brokerage firm, has joined the Summit Bank Central Oregon Advisory Board. 

According to Central Oregon Market President Gary O’Connell, “Jenn’s dynamic experience, leadership, and strong analytical skills will make her a great addition to the Advisory Board.  She is a skilled executive who has managed multiple retail and office marketing, sales, facility, and operations departments. We look forward to having Jenn become a part of the team. “

Jenn Limoges will be the seventh addition to the Central Oregon Advisory Board for Summit Bank which already includes: Wes Price, who serves as Advisory Board Chair (Price Fronk & Co.),  Becca Williams (Red Plate Foods), Jamie Danek (Humm Kombucha), Dr, Jay Moore (The Center), Bill Smith (William Smith Properties Inc.) and Hayden Watson (Hayden Homes).

“I am thrilled to join Summit Bank’s Advisory Board for Central Oregon,” says Limoges. “This will be a great position to bring my depth of business expertise and market knowledge to help Summit Bank foster its rapid growth in our region” 

Summit Bank, with offices in Eugene/Springfield, Central Oregon and the Portland Metropolitan area, specializes in providing high-level service to professionals as well as medium-sized businesses and their owners. Summit was recognized in 2020 as the Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. 

For more information, contact:  Gary O’Connell, Central Oregon Market President 541.317.8002 goconnell@sbko.bank

Summit Bank Hires Angela DeVita as Vice President, relationship Banking Manager

Summit Bank is pleased to announce that Angela DeVita, a 20-year Portland-based banking veteran, has joined Summit Bank as Vice President, Relationship Banking Manager for our Portland Metropolitan and Southwest Washington market.  A high-achieving, experienced banking professional driven to develop and expand large deposit relationships, Angela creates and implements customized solutions to deliver the best Treasury Management products for Summit Bank’s commercial clients.

DeVita is skilled in the areas of relationship management, deposit service products and treasury management. She has extensive experience reviewing, analyzing and supporting the ongoing needs of complex deposit account relationships.  

“We are excited to have Angela join our banking team,” says Summit Bank Commercial Banking Team Lead Steve Watts. “She is a consistent market leader in developing new business banking relationships and her contributions will help Summit Bank become the business bank of choice in our market.  We look forward to having her become a vital contributor to our team.”  

DeVita is a 2018 graduate of the Executive Leadership program for the Oregon Banker’s Association and a member of the Association for Financial Professionals of Oregon and SW Washington.  A native Oregonian, she studied Business Administration at Mt. Hood Community College.  

“I am happy to be a part of Portland’s business bank of choice,” says DeVita. “My goal is to assist the team in providing local businesses with relationship banking and customized solutions that will help them grow and run more efficiently.  I look forward to helping develop Summit Bank and communicate our message in this market.”

Summit Bank, with offices in Eugene/Springfield, Central Oregon and the Portland Metropolitan area, specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit was recognized in 2020 as the Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. 

For more information, contact Jamie Shulman, Portland Market President/503.940.1922/jshulman@sbko.bank

Summit Bank Reports 2021 1st Quarter Earnings

Summit Bank earnings for Q1 2021 exceeded Q1 last year by $1.4 million or 145 percent, an increase of $0.21 per fully diluted share.  The earnings improvement was driven by sharply lower loan losses compared to Q1 2020 (improvement of $0.09 per fully diluted share), ongoing income from the Bank’s origination of emergency Paycheck Protection Program (PPP) loans during both 2020 and Q1 2021 ($0.09 per fully diluted share), and growth in the Bank’s loan portfolio ($0.03 per fully diluted share).

  • Q1 2021 Net Income – $2.37 million or $0.39 per fully diluted share, up 111 percent over Q1 2020
  • Q1 Net Loan Growth – $38.7million, an increase of 6.8 percent over December 31 2020.
  • Trailing 12 month Net Loan Growth – $147.1 million or 31.7 percent (including PPP loans)
  • Trailing 12 month Net Loan Growth – $53.8 million or 11.6 percent (excluding of PPP loans)
  • PPP loans made during Q1 2021 – $61 million with a total of $93 million remaining outstanding as of March 31 2021 from a total of $180 million originated over the last 12 months.
  • Q1 2021 Deposit Growth – $39 million or 6.0 percent over December 31 2020

Total net loans as of March 31 2021, were $611.3 million, representing a 31.7 percent increase over the Bank’s total at March 31 2020.  Deposit growth also remains extremely high with total deposits increasing by $196.7 million or 39.4 percent since March 31 2020.  Summit Bank has been successful in maintaining strong and consistent profitability concurrent with its recent rapid balance sheet growth with a return on average equity of 14.9 percent during Q1 2021 following 14.3 percent for the 2020 fiscal year.  The Bank is currently in its ninth consecutive year producing a return on equity in excess of 10 percent.  

Summit’s continued robust earnings supported asset growth during the quarter and thus the Bank’s capital position remains strong. Total shareholders’ equity ended the quarter at $65.6 million, an increase of $2.4 million over the last three months and an increase of $17.6 million over the last 12 months.  Liquidity remains extremely high with cash and short term investments as of March 31 2021 at $135.6 million or 22.2 percent of total net loans.  

The Bank continues to hold very low levels of non-performing assets with total non-performing assets at March 31, 2021 representing just 0.27 percent of total assets, a slight increase from 0.26 percent at December 31, 2020. 

Summit Bank partnered with Community LendingWorks during the quarter to donate $150,000 of its CARES Act PPP SBA loan income to make microloans to underserved members of the community in all three of its markets.  To date, $117,500 has been funded to 16 small businesses. 

Summit Bank, with offices in Eugene/Springfield, Central Oregon and the Portland Metropolitan area, specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit was recognized in 2020 as the Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. 

Summit Bank team wins lip sync competition

Congratulations to the Summit Bank team who were awarded the People’s Choice and Judges’ Favorite awards last night at the virtual Lip Sync Battle. The event raised money for the Relief Nursery to help children and families in need.

Summit Bank Group, Inc. issues stock dividend

EUGENE, OR.– Summit Bank Group, Inc. (OTCBB: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.