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SBKO SUB DEBT CLOSING

November 23, 2021, Eugene, OR – Summit Bank Group, Inc. (the “Company”) (OTC Pink: SBKO), the parent company of Summit Bank (the “Bank”), today announced the closing of its private placement of $20.0 million aggregate principal amount of its 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031 (the “Notes”). The Notes will mature on December 1, 2031, and will initially bear interest at a rate equal to 3.25% per annum from and including the issue date to, but excluding, December 1, 2026, payable semiannually in arrears.  Thereafter, the Notes will bear interest at a floating rate per annum equal to Three-Month Term SOFR, plus a spread of 217 basis points, payable quarterly in arrears. The Notes are intended to qualify as Tier 2 capital for regulatory purposes.

“We are very pleased with the excellent result of our sub-debt raise,” said Craig Wanichek, President and Chief Executive Officer.  “There was strong interest from the market as indicated by the rate that we were able to secure for a non-rated community bank offering. It further validates the consistent earnings power of our Bank and the strength of the communities in which we do business. This offering provides us with low-cost capital to support our balance sheet growth plans.”

The Company intends to use the net proceeds from this offering for general corporate purposes, the maintenance of required regulatory capital at the Bank, and to support the Company’s and Bank’s future growth.

D.A. Davidson & Co. served as the sole placement agent for this offering. Miller Nash LLP served as counsel to the Company.  Sheppard, Mullin, Richter & Hampton LLP served as counsel to the placement agent. 

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 2021 as the Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon.

SUMMIT BANK HIRES LONG-TIME EXECUTIVE DIRECTOR ROGER LEE AS VICE PRESIDENT, BUSINESS CLIENT ADVISOR

November 19, 2021 – Gary O’Connell, Market President of Summit Bank (OTC Pink: SBKO), today announced that Roger Lee, the long-time Chief Executive Officer for the Economic Development of Central Oregon (EDCO) has joined the team as Vice President, Business Client Advisor. He brings nearly 30 years of economic development strategy including business recruitment and retention, industry development,   and strategic projects to improve the overall business climate of Central Oregon.

Throughout his tenure at EDCO, Lee was dedicated to creating a diversified economy.  He helped attract businesses from outside areas to Central Oregon and enabled these businesses to provide middle-class jobs for the region’s workforce. Prior to his time at EDCO, he was the director of the Baker City Economic Development Department, where he oversaw the execution of comprehensive economic and community development programs within Baker County.  For the past eight years, Lee also has served on the loan committee for Evergreen Business Capital, an SBA 504 lender and Summit Bank partner.   

As Central Oregon continues to flourish while dealing with the effects the pandemic had on the local economy, Lee has decided it’s time to take on a new role. “I am very thankful for the opportunity at Summit Bank to continue helping businesses in our region.  I look forward to learning about this industry and to working with a hard-driving, results-oriented team. It’s been remarkable how many people have already commented that Summit Bank is the perfect fit for me.”

O’Connell agrees. “We’re very excited to have Roger on board. His depth of experience, knowledge, and management capabilities will complement our growing team of business client advisors as we help to continually grow the number of businesses we serve in our market.”

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

Roger Lee, VP, Business Client Advisor
Central Oregon

Jenny Bennett promoted to Market President for Eugene and Springfield

Summit Bank is pleased to announce that Jenny Bennett, a longtime Lane County-based community banker, banking executive and community leader, has been promoted to Market President for the Eugene and Springfield Market.  Bennett steps in for Craig Wanichek, who remains President and CEO.  Bennett will utilize her depth of banking experience and expansive business network to support the continued growth of Summit Bank’s client base in their headquarter market. Summit Bank is the only bank headquartered in Eugene.

Bennett’s prior executive role at Summit was as Senior Vice President of Marketing and Business Development.  While in this role, she grew the bank’s brand in Summit’s Eugene/Springfield, Central Oregon and Portland Metropolitan markets and maintained and grew relationships businesses in the area. Jenny will continue to serve on the Bank’s Executive Committee.  Preceding that, she worked for a former community bank as their Director of Marketing.  She is skilled in the areas of strategic planning, leadership, business development, account acquisition and treasury management. 

“Jenny is a successful community leader and contributor at Summit,” says Wanichek. “In the six years she’s been with us, she’s made a significant impact on our growth in the market as well as our bottom line.  She epitomizes what it means to be a community banker.  We look forward to her continued leadership at our company.”

Bennett, who has a Bachelor of Arts in Journalism from the University of Oregon with an emphasis in public relations, is heavily involved in the business community.  She serves as a Past President of the Board of Directors of the Relief Nursery and the Shedd Institute of the Arts.  She is the current Chair of the annual Relief Nursery Main Event, which raises hundreds of thousands of dollars for the 1000 children and families served by the Relief Nursey’s in Eugene and Springfield.  She is a 10-year Chair of Marketing for the Oregon Bankers Association.  In 2019, she won the OBA’s Presidential Award for her service to the industry. Most recently, she was elected to the American Bankers Association’s Communications Council, advises the ABA on overall communications and whose membership comprise the Editorial Board of the ABA Banking Journal. The Journal was first published in 1908 and provides insights that help banking leaders succeed in the competitive financial services market.  

Bennett is currently attending the Pacific Coast Banking School in partnership with the Foster Graduate School of Business at the University of Washington. She is the 2021 recipient of the “Rise Above the Rest” scholarship, which is a multi-year scholarship aimed at promoting advanced education for high-potential employees in the finance industry.  She is a member of the Oregon Bankers Association.  Bennett is a 2008 recipient of the inaugural class of the 20-Under-40 awards, which honors Lane County’s top young leaders.  

“The past 18 months have shown me the power of community banking.  I have never been so proud to be a banker as I have been during the past 18 months of this pandemic.  My colleagues at Summit and in the industry worked tirelessly to help our clients keep their doors open.  As community bankers, we must never lose sign of the importance to give back to the communities we serve.  Summit has a strong team and 

I am excited for the opportunity to work with our colleagues and clients to continue to make Summit the best bank of choice for businesses and their owners.   

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 HIRES MAARTY LEUNEN AS ASSISTANT VICE PRESIDENT, MARKET DEVELOPMENT OFFICER

October 21, 2021 – Gary O’Connell, market president of Summit Bank (OTC Pink: SBKO), announced that Maarty Leunen has been hired as Assistant Vice President, Market Development Officer.  A native of Central Oregon, Leunen brings a strong analytical background and extensive knowledge of our local business community to his position at Summit Bank.

Leunen graduated from Redmond High School after winning a State Championship in basketball and went on to play basketball at the University of Oregon for four years.  As a starter, he helped the Ducks reach the Elite Eight.  After graduating with a degree in Economics, he was drafted by the Houston Rockets.  Soon after he embarked on a successful 13-year professional basketball career in Turkey, Germany, and Italy. 

As a community-minded professional who moved back to Redmond to raise a family, Leunen is a strong supporter of local causes, initiatives, and nonprofits.  He created the Maarty Leunen Basketball Camp, which he has managed for years, and started the annual Maarty Leunen Desert Rose Golf Fundraiser for the Rotary Club of Redmond. “I am excited to join Central Oregon’s Business Bank,” says Leunen.  “I am dedicated to building connections and long-term relationships with prospective and current clients.”

“We are thrilled to have Maarty join our Central Oregon team,” says O’Çonnell.   “Born and raised in the area, he will advocate for the local business community by helping us grow and take care of our clients.  Maarty brings a wealth of credibility and connectivity to Summit Bank. We look forward to supporting his development of a long and successful career in business banking.”

With offices in Central Oregon, Eugene, and the Portland Metropolitan area, 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 2021 3RD QUARTER EARNINGS

October 20, 2021 EUGENE, Ore.–(BUSINESS WIRE)–Summit Bank (OTC Pink: SBKO)

  • Q3 2021 Net Income – $2.92 million or $0.38 per fully diluted share.
  • Year to date Net Income – $7.84 million or $1.03 per fully diluted share.
  • Trailing 12 month Net Income – $11.32 million or $1.49 per fully diluted share.
  • Trailing 12 month Net Loan Growth – $97.2 million or 20.2 percent (excluding PPP loans).
  • PPP loans outstanding – $40.4 million out of $180.9 million total originations during 2020 and 2021. 
  • Q3 2021 Three month deposit growth – $98.5 million or 13.5 percent over Q2 2021.

Earnings for Q3 2021 exceeded the similar period last year by $863,000, an increase of 41.9 percent or $0.11 per fully diluted share.  Year-to-date earnings are up 76.3 percent, which is an increase of $0.40 over the same period in 2020.   The earnings improvement was driven by sharply lower provision for loan losses compared to 2020 and strong growth in the Bank’s loan portfolio, excluding Paycheck Protection Program (PPP) activity, as well as ongoing fee income from the Bank’s PPP loans.

“We are pleased to see that signs are continuing to point to an economic resurgence for our clients,” says President & CEO Craig Wanichek.  “We continued to have strong loan activity, during the third quarter. In addition, our relationship banking model is proving consistently valuable– we know our clients.  We onboarded several new significant relationships this year, which has resulted in the growth of core deposits and loans.  Our bankers are out visiting with our clients to address their evolving needs as the economy returns to normal and demand for business financing grows.”

Total net loans as of September 30, 2021, were $619.6 million, which includes $40.4 million of PPP loan balances.  Net loans excluding PPP loans grew by $31.7 million or 5.8 percent during the quarter and by $97.2 million or 20.2 percent since September 30, 2020.   Deposit growth also remains extremely high with total deposits increased by $200.1 million or 31.9 percent over the trailing 12 month period.  The 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 16.8 percent during Q3 2021 following 15.2 percent during Q2 2021 and 14.3 percent for the 2020 fiscal year.  The Bank is currently in its ninth consecutive year yielding a return on equity in excess of 10 percent. 

Summit’s continued robust earnings have supported its asset growth during the quarter and thus the Bank’s capital position remains strong, with total shareholders’ equity ending the quarter at $71.2 million, an increase of $3.0 million over the last three months, and an increase of $11.6 million over the last 12 months.  Liquidity remains extremely high with cash and short-term investments as of September 30, 2021, at $247.4 million or 39.9 percent of total net loans. 

The Bank continues to hold very low levels of non-performing assets with total non-performing assets at September 30, 2021, representing just 0.05 percent of total assets, down from 0.26 percent and 0.08 percent on December 31, 2020, and June 30, 2021, respectively.

SUMMIT BANK PROMOTES CHRIS HEMMINGS TO CHIEF OPERATING OFFICER

Eugene, OR October 8, 2021:  (BUSINESS WIRE)–Summit Bank (OTC Pink: SBKO)

Craig Wanichek, President and Chief Executive Officer of Summit Bank today announced the promotion of Chris Hemmings to Chief Operating Officer of the Bank, effective immediately.

Hemmings has been with Summit Bank since 2008 and has served in various capacities, most recently as Senior Vice President & Chief Administrative Officer and before that Controller.  “With over 13 years of experience with Summit, Chris is the ideal choice for this position,” says Wanichek. “His knowledge of company culture, banking, risk management, finance, compliance, and operations is exceptional.  He has strong leadership abilities both in the office and in our community. Promoting Chris means we are positioning Summit Bank for continued growth and long-term success.”

Hemmings is involved in philanthropic work throughout Lane County.  He is a member of the Board of Directors of FOOD for Lane County and participates in the non-profit’s Budget and Finance Committee.  He volunteers with the United Way of Lane County.  He is a member of the Government Relations Committee of the Oregon Banker’s Association. He is a former recipient of the 20 Under 40 awards, which honors Lane County’s Top young leaders.  In 2020, he was listed as a Top 40 under 40 bankers in the Country, according to Independent Banker, the flagship publication of Independent Community Bankers of America (ICBA).  The nomination-based award recognizes up-and-coming community bankers who demonstrate exceptional potential in leadership, innovation, and community work.

A native of the United Kingdom, Hemmings moved to Oregon to attend the University of Oregon, where he graduated Summa Cum Laude with a Bachelor of Science degree and Honors in both Economics and Political Science.  At Summit, he serves as Chair of the Bank’s Operations Committee, which evaluates and guides efforts that support Summit Bank’s strategic operational initiatives, and as Chair of the Bank’s Compliance Committee.  In this new role, Hemmings will oversee Operations, Compliance, Human Resources, Loan Servicing and Documentation, and I.T. Services. 

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.

Chris Hemmings

SUMMIT BANK ANNOUNCES PHIL CZAJKA PROMOTION TO ASSISTANT VICE PRESIDENT, BUSINESS CLIENT ADVISOR

Portland, OR.–(BUSINESS WIRE)– Summit Bank (OTC Pink: SBKO). Jamie Shulman, market president of Summit Bank, today announced that Phil Czajka has been promoted to Assistant Vice President, Business Client Advisor. Phil brings more than 10 years of experience in banking including a strong analytical background and extensive knowledge in the healthcare industry both locally and nationwide.

Phil C
Phil Czajka, AVP, Business Client Advisor

Phil was part of the original seven that opened Summit Bank’s office in the Portland Metropolitan area.  He assisted in developing the bank’s dental lending program. “During his time at Summit Bank, Phil has proven to be a reliable asset and colleague. In his role as Business Client Advisor, he will continue to work with our clients and assist local businesses while managing a portfolio of satisfied clients both in the healthcare and commercial real estate spaces,” says Shulman.  “Phil’s promotion will allow him to focus more on taking care of existing and prospective clients.  He will advocate for and assist local businesses in both the Portland and SW Washington markets.”

Phil is an active member of the Portland and SW Washington communities. He currently is an active member of Leap Adventure’s finance committee, the Commercial Real Estate for Women (CREW) program committee, West Ridge Community Board Member, the Southwest Washington Contractors Association, and is a Youth Coach at Vancouver Parks & Recreation. In his spare time, he volunteers with the Oregon and Clark County Food Banks, Habitat for Humanity, Meals on Wheels, Mission of Mercy, College Possible, Trillium Family Services, and the Oregon State College of Business.

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 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.