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Summit becomes fourth largest bank headquartered in Oregon

Summit Bank (OTC Pink: SBKO) reported net income for the fiscal year ended December 31, 2019 of $5.62 million or $1.07 per fully diluted share. 

Summit Bank grew to $507 million in assets, up 22%, or $91 million from fiscal-year end 2018. Summit also became the fourth largest bank headquartered in the State of Oregon in 2019, up from number seven.  2019 earnings were slightly below fiscal 2018 earnings of $5.76 million or $1.10 per share as startup expenses and year one operating results associated with the Bank’s expansion into downtown Portland impacted earnings by approximately $0.22 per fully diluted share. In addition, the Bank incurred an expense of approximately $0.04 per fully diluted share, associated with an accrual in regards to a compliance matter in our equipment finance area.

Summit achieved its seventh consecutive year of annual loan growth in excess of 20 percent during 2019.  Total net loans as of December 31, 2019, were $437.4 million, representing a 27.9 percent increase over the fiscal 2018 total of $342.1 million.  Deposit growth was similarly strong, with total deposits increasing by $80.1 million or 21.6 percent over the previous year.  The Bank has maintained consistent profitability in conjunction with its rapid growth, with return on average equity for 2019 of 12.8 percent. 

“The overall growth of Summit has been extremely exciting,” said Craig Wanichek, president and chief executive officer. “Our established markets, Eugene/Springfield and Central Oregon had very good years. Eugene grew assets 14%, with deposits up over $47 million and Central Oregon grew assets an outstanding 41%.  We are also very pleased with the progress in the Portland Market.  The team has made great strides in establishing our brand in the local area. Our business clients in all three markets identify with our value proposition of being the business bank of choice.”

Summit’s liquidity and capital positions have remained strong as deposit growth has supported the Bank’s loan growth and operating earnings have similarly increased with the Bank’s growth.  Cash and short term investments remain strong as of fiscal year end 2019, at $55 million, or 12.6 percent of total net loans.  Similarly, during 2019, total shareholders’ equity increased by $6.3 million to $46.8 million, an increase of 15.5 percent.

The Bank continues to hold very low levels of non-performing assets, with total non-performing assets at December 31st, 2019 representing just 0.18 percent of total assets, a decrease from 0.55 percent at December 31st 2018. 

Summit Bank, with offices in Eugene, Bend and downtown Portland, specializes in providing high-level service to professionals, non-profits, businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

Central Oregon Market Development Officer Jill Cummings promoted to Vice President

January 9, 2020: Gary O’Connell, central Oregon market president of Summit Bank (OTC: SBKO) announced today that Market Development Officer Jill Cummings has been promoted to Vice President. 

“Jill is a consistent market leader in developing new business banking relationships,” says O’Connell.  “Her contributions have helped the bank significantly grow our market share in Central Oregon and helped position Summit as the bank of choice for local businesses.”  

A Central Oregon native, Cummings started with Summit Bank in 2017. She has worked in positions of leadership in the banking industry since 2002.  Her areas of expertise include treasury management, business banking, marketing, event management and merchant services. She works with business owners, non-profit executives, controllers and their teams to increase productivity and efficiency, while providing clients with outstanding customer service.

Cummings is an executive board member of the Redmond Chamber of Commerce, a volunteer with the Junior Achievement of Central Oregon, a Redmond Area Parks and Recreation District PAC Board member, the Redmond Athletics Committee co-chair and a member of StepUp Bend.  She is a Wake the World volunteer, and was named this year as an “Accomplished Under 40” in the Cascade Business News.  

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 Over-the-Counter Bulletin Board as SBKO. 

Chris Hemmings promoted to Senior Vice President & Chief Administrative Officer

December 3, 2019, Eugene, OR – Craig Wanichek, President and Chief Executive Officer of Summit Bank (NASDAQ: SBKO), today announced the promotion of Chris Hemmings to Senior Vice President & Chief Administrative Officer. He will oversee strategy and is responsible for the internal operations of the Bank including loan and deposit operations, compliance, human resources and coordination of treasury management product development and support. He will be a member of the Bank’s Executive Committee.  

“Chris is a trusted colleague and leader at Summit,” says Wanichek. “We are very pleased to promote him to this key position within the bank.  Chris has a clear and compelling vision for Summit and will provide a strong voice for operations in the Bank, as well as a balanced approach to establishing policy and procedures.  His technical and employee-focused background along with his tenure and experience make him well-suited to identify opportunities for us to grow and provide value to our team.”  

Prior to his promotion, Hemmings was Vice President, Controller for Summit Bank. He is knowledgeable in the areas of risk, compliance, operations and has provided leadership on the oversight and management of bank accounting and general ledger.  He is a member of the Government Relations Committee of the Oregon Banker’s Association and a member of the Budget & Finance Committee of FOOD for Lane County.  Hemmings is currently entering his third and final year at Pacific Coast Banking School, which is the premier national graduate school of banking.  

Hemmings graduated Summa Cum Laude from the University of Oregon with a Bachelor of Science degree and Honors in Economics and Political Science.  

With offices in Eugene, Bend and downtown Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  

Winter weather

Due to inclement weather, our Central Oregon office will close at 3:00 today.

Summit Bank Unveils Quarterly Summit Bank Business Confidence Index

November 18, 2019, Eugene, OR – (OTC Pink: SBKO) Craig Wanichek, President and CEO of Summit Bank, is delighted to announce the Summit Bank Business Confidence Index that will be provided to the local business communities the Bank serves on a quarterly basis.  

The Summit Bank Business Confidence Index (SBCI) is comprised of nine variables that look back across the prior 25 years to form a base from which to discuss, for the benefit of local business leaders and owners, the current climate for small to medium size businesses and the confidence with which those entities are engaged in their market places.  The index is comprised of information that speaks to the confidence at the national, regional and local level with a particular focus on the markets served by Summit Bank and the types of factors that might impact decisions around growth and financing.  

“A core value of the Bank is our belief and personal responsibility to serve the communities in which we do business. We are constantly seeking to identify ways that we can be a resource and tool for information and decision making for the local businesses we serve,” said Wanichek. “We believe the creation of Summit Bank Business Confidence Index is another demonstration of that commitment, and will be an excellent complement to our annual economic summit and the expertise and financial acumen that our Business Client Advisors provide.”

“The SBCI saw a softening in the latter half of 2018 and early part of 2019, but recent positive trends in construction permitting, small business performance and stability within the market has seen a strengthening in business confidence,” said Wanichek. “We believe uncertainty surrounding the economy and the potential impact of such headwinds as a trade dispute have eased, which has reassured businesses heading into 2020 that the economy remains at least stable around a moderate level of strength.”     

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 was recognized earlier this year as one of the top 200 Community Banks in America (number 34) by the American Bankers Association.  The bank was also honored as one of the Top 100 Green Companies in Oregon, according to Oregon Business Magazine. 

Summit Bank president appointed to second term as delegate to Independent Community Bankers of America

September 20, 2019 – Craig Wanichek, president and CEO of Summit Bank, has been appointed to a second term as the Independent Community Bankers of America (ICBA) Oregon Delegate to the Federal Delegate Board (FDB).  

The ICBA created and promotes an environment where community banks flourish.  With more than 52,000 locations nationwide, community banks constitute 99 percent of all banks and employ more than 760,000 Americans.  The ICBA is dedicated to exclusively representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high quality products and services.  There are 16 community banks headquartered in the State of Oregon. 

“We are honored to have Craig serving on this prestigious national committee,” said Paul Weinhold, Chairman of the Board of Directors of Summit Bank. “He is an important voice for community banks across the Country.  As President of the Oregon Bankers Association and a respected leader in the Oregon business and banking community, he understands the challenges and opportunities community banks face.  He is a strong voice for local community banks on this committee.”  

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 was recognized earlier this year as one of the top 200 Community Banks in America (number 34) by the American Bankers Association.  The bank was also honored as one of the Top 100 Green Companies in Oregon, according to Oregon Business Magazine. 

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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