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Back 2 School Clothing Challenge

Help us help cornerstone kids thrive by ensuring they receive a new outfit or pair of shoes for their first day of school. Please bring brand-new (tags still attached) school-age clothes and shoes to Summit Bank. All sizes are needed. Your donation helps children feel confident and ready to start school.

Summit Bank opens full-service branch office in downtown Portland

July 31, 2019, Eugene, OR – Craig Wanichek, president and chief executive officer of Summit Bank (Nasdaq: SBKO), announced today that the bank will open a full service office in downtown Portland in the KOIN Center on Monday, August 5. 

The office is located on the second floor of the KOIN Center.  The bank has operated a Loan Production Office in a Professional Suite in downtown since early January, when it first entered the Portland market.  “This office suite and location provides us with an ideal space to expand our relationship based banking,” says Wanichek. Office hours for Summit Bank are 9:00 a.m. – 5:00 p.m., with remote and online banking open 24-hours a day, seven days a week. 

The Summit Bank colleagues in Portland are highly skilled bankers with experience in commercial banking, treasury management and business development.  The team includes Steve Watts, SVP, Commercial Banking Team Leader, Gabe Wells, VP, Business Client Advisor, Kevin Holmquist, VP, Business Client Advisor, Brian Thomas, VP, Business Client Advisor, Phil Czajka, Portfolio Manager, Emily Wever, Cash Management Officer, Carol Bradley, Operations Supervisor and Winni Drake, Loan Operations Executive Administrator. 

“We are excited to move into our permanent home in the Koin Center,” says Watts. “The move will add local depository services to our already strong suite of lending and treasury management services here in Portland.  We have a great team and are committed to serving small and medium sized businesses, professionals and non-profits. The reception we’ve received since opening our loan production office in January has been tremendous.  We fill a niche – a local community bank that is technologically up to speed, nimble and competent when it comes to serving clients.”

With offices in Eugene, Bend 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 NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit Bank was recognized earlier this year as one of the top 200 Community Banks in America by the American Banking Association.  The Bank was also honored as one of the Top 100 Green Companies in Oregon, according to Oregon Business Magazine. 

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Summit announces second quarter earnings

Summit Bank reported net income for the second quarter of $1.35 million or 26 cents per fully diluted share.  Earnings for the comparable period one year ago were $1.24 million or 24 cents per fully diluted share.  Year to date earnings were $2.59 million or 50 cents per fully diluted share, compared to $2.39 million or 46 cents that the Bank earned during the first six months of 2018, representing an increase of eight percent.  

Craig Wanichek, President and Chief Executive Officer, stated, “We are very encouraged by our ability to grow earnings while simultaneously making a significant investment in our Portland operations.  We are experiencing strong acceptance of our relationship-focused style of business banking in the Portland Metro area, and the Bank’s pipeline for loan and deposit activity is strong.”  The FDIC this week issued approval for Summit to open a full service branch office, which is scheduled to open on the second floor of the KOIN Center in downtown Portland on August 5. 

Summit continues to achieve robust balance sheet growth with total loans and total deposits increasing by 24 percent and 20 percent respectively over the trailing 12 month period.  The second quarter of 2019 represented the 17th consecutive quarter during which the Bank achieved year over year growth in total net loans of at least 17 percent.  Total net loans as of June 30, 2019, were $389.7 million, representing a $75.7 million increase over the second quarter 2018 total of $314.0 million.  Total deposits increased by $67.3 million over the same period.  The Bank continues to achieve strong earnings which has supported its balance sheet growth.  Total shareholders’ equity at June 30, 2019, was $43.6 million, a $6.6 million or 17.9 percent increase over Summit’s June 30, 2018 total of $37.0 million.  “This quarter, Summit Bank brought on several new significant deposit-centered clients,” said Wanichek.  “The Bank’s Small Business Administration division also positively impacted the Bank’s non-interest income.”  

The Bank continues to hold very low levels of non-performing assets.  Total non-performing assets at June 30, 2019 represented just 0.28 percent of total assets, a decrease from 0.69 percent at June 30, 2018.  

Also notable for Summit Bank this quarter is the Oregon Bankers Association (OBA), Oregon’s only trade association dedicated to the banking industry and its clients, elected Wanichek Chair of the Association at its annual summer meeting.  Wanichek will hold the position until June of 2020. 

With offices in Eugene and Bend and a loan production office in 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 was recognized earlier this year as one of the top 200 Community Banks in America by the American Banking Association.  The Bank was also honored as one of the Top 100 Green Companies in Oregon, according to Oregon Business Magazine.

Summit Bank Announces Debit Card Tokenization

Summit Bank has implemented Debit Card Tokenization, also known as Apple Pay, Google Pay and Samsung Pay.

Starting today, all of our consumer and business debit cards can be added to our “digital wallets” on our phones, tablets or watches and used for making purchases at hundreds of thousands of stores and restaurants (over 75% in the US, over 85% in Europe, 99% in Australia), without the need for presenting a physical debit card.

How do I add my debit card to my digital wallet?

The steps for adding a card to a digital wallet are fairly intuitive for a moderate mobile device user. You are welcome to try it on your own, but if you prefer step by step instructions, please follow the links below:

Apple Pay

Google Pay

Samsung Pay

How do I use my digital wallet?

Digital wallets allow you to use contactless payment technology at any store or restaurant with a contactless payment system. Watch for the Apple Pay, Google Pay or Samsung Pay logos next to the readers, although many readers have the capability and accept tokenized debit cards without displaying the logos.

The exact procedure for making the payment differs depending on phone and software version, but generally involves moving your phone within 2 to 4 inches of the card reader (the same device that reads your physical debit card), and verifying the payment by using the touch id, face id or a pin code. In my case, I just hold my iPhone with my thumb on the touch id button over the reader, without even unlocking my phone, which activates Apple Pay and asks me to verify the purchase. It is very easy. It’s a very similar procedure for Android and Samsung devices.

What are the benefits of Debit Card Tokenization?

The two primary advantages of debit card tokenization and utilizing Apple Pay, Google Pay and Samsung Pay are:

1.    Safety
2.    Convenience

Tokenization protects our clients sensitive financial information. When our customers use Apple Pay/Google Pay/Samsung Pay their personal account numbers (PANs) aren’t stored in the merchant’s payment system. Instead the PANs get replaced with randomly generated token IDs. Once the transaction goes through, the payment processor sends a confirmation back to the merchant with the randomly generated token ID, which is stored in place of the PAN data in their system. Should anyone hack into the merchant’s system, or intercept the information reroute, they would only access randomly generated single use token IDs, which can’t be used for any future transactions.

Additionally our clients can now make purchases without reaching for their physical debit card.

Summit Bank named as one of the 100 Best Green Workplaces in Oregon

Summit Bank, headquartered in Eugene with offices in Central Oregon and in Portland, was named today as one of the 100 Best Green Workplaces in Oregon.  Summit is the single Oregon-based bank to make the list this 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.  

According to Kim Moore, Editor of the 100 Best Green Workplaces in Oregon sponsor Oregon Business Magazine, “The term sustainability has evolved from encompassing purely environmental attributes to incorporating social elements, such as pay equity and an inclusive workplace culture.”  She says that the organizations in the Top 100 have implemented environmentally friendly strategies, while also going above and beyond typical sustainable practices, such as recycling and composting.  

Companies this year come come from a variety of industries including manufacturing, professional and business services, construction and the nonprofit sector.  “We are honored to be awarded with one of the Top 100 Best Green Companies to Work for in Oregon designation,” says Craig Wanichek, president and chief executive officer of Summit Bank.  “Our culture is rooted in in our commitment to making Summit the best bank for our clients, our colleagues and community.”  Summit Bank was specifically recognized this year for its recycling practices, for providing transit passes to all employees and other sustainability practices. 

With offices in Eugene and Bend and a Loan Production office in 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 NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank is designated this year as a City of Eugene “Bold Steps” award finalist for efforts contributing to sustainability and also as one of the 100 Best Green Workplaces in Oregon in 2019. 

Ashley Horner named one of Independent Banker’s Emerging Community Bank Leaders

Independent Banker, the flagship publication of Independent Community Bankers of America (ICBA) has named Ashley Horner, the SBA Division Manager of Summit Bank, as one of its 40 Under 40: Emerging Community Bank Leaders.  The first-annual, nomination-based award recognizes up-and-coming community bankers who demonstrate exceptional potential in leadership, innovation and community work.  

Horner

“This group of young professionals should give all of us a sense of pride and optimism as we look to the future of America’s community banks,” said Matt Kusilek, publisher of Independent Banker.  “Now more than ever, this industry sees the value of the energy and ideas of people like our emerging leaders, who believe in the importance of the community banking model.  We’re really pleased to be able to highlight their accomplishments so far and look forward to what they’ll do next.”

Winners are showcased in the June 2019 issue of Independent Banker, which is showcased on the Independent Banker website and accessible via the digital issue of the magazine.  Ashley was recognized for her work in small-business development, where she established Summit Bank’s SBA division in 2014 and, three years later, was named one of the 10 emerging leaders in small-business lending nationwide, according to the Coleman Report.  

According to Craig Wanichek, president and chief executive officer of Summit Bank, “Ashley is passionate about inspiring and showing a path to success for the next generation of young people seeking to make a difference in business, finance and banking.”

With offices in Eugene and Bend and a Loan Production office in 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 NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank is designated this year as a City of Eugene “Bold Steps” award finalist for efforts contributing to sustainability and also as one of the 100 Best Green Workplaces in Oregon in 2019. 

Summit Bank hires Stacy Koos as Senior Vice President

May 28, 2019

Craig Wanichek, president and chief executive officer of Summit Bank (Nasdaq: SBKO), announced today that Summit Bank has hired Stacy Koos as Senior Vice President, Commercial Banking Team Lead for the Eugene/Springfield office. “Stacy brings outstanding leadership and team management to our bank,” says Wanichek.  “Her knowledge of and experience in the industry will further strengthen our mission to be the area’s local bank of choice.” 

In her role as Commercial Banking Team Lead, Koos oversees all lending activities in the area. She comes to Summit with over 23 years of experience in commercial banking, loan portfolio and branch management.  An active member in a number of business and civic organizations, Stacy is the Vice Chair of the Albany Millersburg Economic Development Corporation and the Vice Chair of the Samaritan Albany General Hospital Board.  She is a member of the Oregon Banker’s Association, and is a graduate from the University of Northern Colorado. 

“I have gotten to know Summit through my tenure in Oregon community banking,” says Koos. “Local banks are vital to the well being of our community. I am excited to be a part of the entrepreneurial culture and look forward to continuing to build our brand of banking in the community.” 

With offices in Eugene, Bend and now a loan production office in 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 NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit Bank is the number one community bank lender in Oregon for SBA Financing.  

Summit Bank announces 2019 first quarter earnings

Summit Bank (OTC Pink: SBKO) reported net income for the first quarter of $1.24 million or 24 cents per fully diluted share.  Comparable earnings for the first quarter of 2018 were $1.15 million or 22 cents per fully diluted share, representing an increase of 7.3 percent to earnings and 6.6 percent to earnings per fully diluted share.  All of Summit’s operating units performed strongly during the quarter which allowed the Bank to achieve solid growth in earnings per share inclusive of first quarter startup investment associated with its new office location in downtown Portland. The earnings impact of the Portland operation was 5 cents per share. Earnings per fully diluted share (EPS) for the trailing four quarters ended March 31st were $1.12 and represented the ninth consecutive quarterly increase in EPS for the Bank.  

Summit has been successful in growing its balance sheet concurrent with earnings.  Q1 2019 represented the 16th consecutive quarter during which the Bank achieved year over year growth in total net loans of at least 17 percent.  Total net loans as of March 31st 2019 were $357.7 million, an increase of $15.6 million for the quarter and an increase of $60.4 million or 20.3 percent over March 31st 2018.  Deposit growth continues to be robust as well.  Total deposits as of March 31st 2019 were $400.3 million, an increase of $28.9 million or 7.8 percent and $71.6 million or 21.8 percent over December 31st 2018 and March 31st 2018, respectively.  

“We are excited to report strong growth in the first quarter in both of our core markets,” said Craig Wanichek, President and CEO. “The reception of the team in Portland has been very positive. Not only did we already experience bookings in Portland in the first quarter, but we established a solid pipeline for loans and deposits.”

The Bank reported $76.9 million of cash & short-term investments in securities as of March 31st 2019. This is a 32.1 percent increase over the $58.2 million held in cash & short-term investments in securities at the end of Q1 2018. The Bank continues to hold very low levels of non-performing assets. Total non-performing assets at March 31st 2019 consisted primarily of one parcel of other real estate owned and represented just 0.4 percent of total assets, a decrease from 0.5 percent at December 31st 2018 and a slight increase from 0.3 percent as of March 31st 2018.

With offices in Eugene and Bend and a loan production office in 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. 

Beware of phone scams

Summit Bank will never call you and ask for your personal information via an automated phone dialer.  Do not give your debit, credit or bank account numbers over the phone.  To learn more about how to protect yourself from fraudulent scammers, visit Summit Bank’s Education Center and watch our Identify Theft Prevention video. https://www.sbko.bank/video-tutorials/

Bill Whalen promoted to Chief Credit Officer

Craig Wanichek, president and chief executive officer of Summit Bank (Nasdaq: SBKO), today announced that Bill Whalen has been promoted to Chief Credit Officer.  He is responsible for all functions of credit administration including managing and directing the bank’s loan portfolio and supervision of all credit-related aspects of the bank.  

“During his time at Summit Bank,” said Wanichek, “Bill has had a significant impact on developing the bank credit’s credit culture, outstanding leadership skills and overall banking expertise.  He is a highly respected member of our executive team and a valued mentor for colleagues and advisory for clients. His 30 years of experience in management and overseeing commercial lending teams will further strengthen Summit Bank’s vision to be one of the leading Community Banks in Oregon.” 

Whalen is an active member of the Eugene/Springfield community.  He is a member of the Local Government Affairs Council of the Eugene Chamber of Commerce.  He is a current member and past president of the Board of Directors of CASA of Lane County, the Chairperson of the Eugene Police Commission, a former member of the Board of Directors of Womenspace and the former president of Kids FIRST of Lane County.  

A native of Long Beach, Whalen received a Bachelor of Science in Business Administration with an option in Accounting from California State University, Long Beach. He is a graduate of Pacific Coast Banking School (a Masters-Level extension program for senior officers in the banking industry) at the University of Washington, in 2010.  

With offices in Eugene and Bend and a Loan Production office in 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 NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank is designated this year as a City of Eugene “Bold Steps” award finalist for efforts contributing to sustainability.