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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, sontact:  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. 

Summit Bank donates $150,000 of PPP SBA loan income to make microloans to underserved members of the Oregon community

EUGENE, Ore.–(BUSINESS WIRE)—March 15, 2021 -Summit Bank (OTC Pink: SBKO). In conjunction with Community LendingWorks, is donating $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 including Eugene/Springfield, Central Oregon and the Portland Metropolitan area.  

Summit Bank is partnering with Community LendingWorks, a Community Development Financial Institutions Fund (CDFI) to create the microloan program, which launches today.  Applications are available at: 

The program will be made available to the following groups, in alignment with Community LendingWorks’ mission as a CDFI including:

  • Minority-owned businesses
  • Women-owned businesses
  • Service-disabled veteran-owned businesses
  • Emerging small businesses, particularly those operating out of low income areas in Oregon.  

Last year, Summit Bank made $119 million in loans for small business relief efforts to 440 Oregon based small businesses and nonprofits to help maintain their workforces during the Coronavirus (COVID-19) pandemic.  Earlier in 2021, the bank made an additional $61 million in PPP loans.  “The injection of cash was very important to the communities where we operate”, said President and Chief Executive Officer Craig Wanichek.  “That said, we’d like to do more to help minority-owned businesses, women owned businesses, disabled veterans and small businesses in low income areas succeed.  Our partnership with Community LendingWorks enables small business owners in our communities to start, grow or enhance their businesses.” 

According to Community LendingWorks Executive Director Lynn Meyer, “Providing access to capital is more important than ever, as the small business community looks to stabilize during these concerning times.  Partnership like ours with Summit Bank is so impactful in providing needed support to the communities we serve.” 

Summit Bank’s microloan program will also offer financial education as a key long term focus.  Some primary goals for the program include breaking down barriers to banking and lending, education for business owners on how to access various types of funding and capital and raising awareness for business owners about how they acquire and manage their loans and cash flows.

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 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 NASDAQ Over-the-Counter Bulletin Board as SBKO. 

Next Generation of Banking Leaders Graduate from OBA Executive Development Program

Eugene, Oregon March 3, 2021. Summit Bank is pleased to announce the graduation of three of our Summit Bank colleagues from the Oregon Banker’s Association’s extensive Executive Development Program (EDP).  The 2021 OBA Executive Development Program graduates are Vice President & Business Client Advisor Carly Carmichael (Central Oregon), Vice President and Business Client Advisor Brian Thomas (Portland Metro) and Vice President & Director of Operations Renda Wolford (Eugene/Springfield).  The graduation ceremony was held virtually last month. 

The Executive Development Program helps foster the next generation of banking leaders across Oregon. The OBA program consists of 12 one-day sessions.  One of the programs featured guest speaker Joe Zavaglia, who spoke about credibility and ethics.  According to Thomas, “I enjoyed the class – it helped us process how to make right, right decisions. There are no right answers so finding the right solution for each client in banking is dire.” 

OBA President and CEO Linda Navarro mentioned that the graduates this year faced a series of adversities, including the threat of the pandemic. She said that all graduates deserve extra praise for their willingness and determination to finish out the program this year when the class converted to digital learning.   

The Executive Development Program includes sessions about Bank Profitability, Asset Liability Management and Understanding Credit Risk.  According to Carmichael, “Learning what other banks and banking professionals are doing in the areas we studied provided strong insight and new ideas to my work ethic, organization, and communication with others internally and externally.”  

Summit Bank President and CEO Craig Wanichek says the program provides a very comprehensive curriculum. “We are honored to have three colleagues complete the Oregon Bank Association Executive Development Program. It is a wonderful program for leaders on our team to get an immersion type of education in all areas of banking. It will be remarkable to see them utilize what they learned in all three of our markets.” 

With offices in Eugene, Central Oregon 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.

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

Summit Bank Hires Jamie Shulman as Portland Market President

PORTLAND, OR  •  February 24, 2021  •  Summit Bank (OTC Pink: SBKO) 

Summit Bank is pleased to announce that Jamie Shulman, a longtime Pacific Northwest commercial banking executive and community leader, has joined Summit Bank as Market President for the Portland Metropolitan and Southwest Washington market. In this newly established role, Shulman will utilize his depth of banking experience to support the growth of Summit Bank’s client base in the aforementioned market. 

Shulman’s prior executive role was as President, Chief Executive Officer of a regional business bank with operations in Portland. While in this role, he led the significant growth of the bank. Preceding that, he worked in senior executive positions at two national banks. He is skilled in the areas of strategic planning, key account management, risk management, operational excellence, regulatory compliance, financial analysis and business development. 

“Jamie is an incredible banker and an extraordinary community leader,” says Summit Bank President & CEO Craig Wanichek. “We look forward to Jamie playing a major role in leading our Portland Metropolitan team to become Oregon’s Business Bank of preference as we grow in the marketplace.” 

According to Portland Market President Jamie Shulman, “I am very excited to join the Summit Bank team. We are committed to being flexible, responsive and aligned with the goals of our clients. We look forward to becoming a meaningful participant in the Portland Metropolitan market.” 

Shulman, who has a Bachelor of Science from Denver University, is also involved in the Portland community. He is a member of the Oregon, Washington and Idaho Banker Associations, a Committee Member of the Jewish Federation of Greater Portland and has served on numerous other nonprofit boards and committees. “I look forward to the opportunity to help lead Summit Bank to become Oregon’s Business Bank of preference for businesses in the Portland Metropolitan and Southwest Washington areas. We have a strong team and I am excited to work collaboratively with our colleagues, clients, and members of our community.” 

Shulman Press Release (PDF)

Summit Bank Announces Gina Kaveny as Vice President, Market Development Officer

February 3, 2020 – Craig Wanichek, President and Chief Executive Officer of Summit Bank (NASDAQ: SBKO), today announced that Gina Kaveny has joined the local Portland banking team as Vice President and Market Development Officer. 

“Gina brings an innovative range of experience and expertise to Summit,” said Wanichek.  “Through her industry and award-winning sales and business development skills to her vast knowledge of marketing, public relations, supply chain finance, asset-based lending, and corporate communication skills, she has a clear understanding of the diverse range of businesses throughout the Pacific Northwest. 

She is a strategic thinker and creator who has a proven ability to enhance our client experience on all touchpoints. Her understanding of the Greater Portland and SW Washington business community will help strengthen Summit Bank.  We are excited to have her on the team.” 

Gina has over 20 years of experience helping companies build their brand and market share in the Northwest. Companies have included a large regional accounting firm, an alternative commercial finance lender and a global Fortune 50 logistics and supply chain leader.

A native Oregonian, Gina and her husband own a small business employing over 50 employees, so she has a personal interest in seeing local businesses succeed. 

She serves as a Board Member and Programs Committee Chair for the Association of Corporate Growth (ACG) in Portland.  She is also a Development and Stewardship Committee member and active volunteer for Project Lemonade. 

“I am happy to join Summit Bank,” said Kaveny.  “I am excited to help business leaders simplify their banking and arrive at answers that are flexible, creative and help them grow and succeed.  I also look forward to helping strengthen Summit Bank’s relationships in the Greater Portland and SW Washington area”.

Summit Bank has offices in Eugene/Springfield, Central Oregon, and Portland and 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 is quoted on NASDAQ Over the Counter Bulletin Board as SBKO.

Summit Bank Reports 2020 and 4th Quarter Earnings

1/27/2021 9:00 AM ET

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

  • 2020 Net Income – $7.93 million, up 41.3 percent from 5.62 million in 2019.
  • $1.38 per fully diluted share, up 29.1 percent from 1.07 in 2019.
  • 2020 Net Loan Growth – $76.5 million or 17.5 percent (excluding PPP loans).
  • PPP loans made during Q2 2020 – $119 million of which $61 million remain outstanding at FYE.
  • 2020 Deposit Growth – $206 million or 45.6 percent over FYE 2019.

We were pleased to originate $119 million in emergency Paycheck Protection Program (PPP) loans to assist clients in mitigating the effects of the COVID-19 pandemic in our Eugene/Springfield, Central Oregon and Portland Metropolitan market areas. These loans helped businesses and nonprofit entities hire back or retain thousands of Oregon employees. The Bank also saw a strong year over year improvement in the results and operations of all our teams including the Portland Metropolitan office, which opened in 2019.

“This year, we are tremendously proud to have worked closely alongside our clients, including 440 small businesses and nonprofits across Oregon under the U.S. Small Business Administration’s (SBA) Paycheck Protection Program,” said President and CEO Craig Wanichek. “This symbiotic relationship enabled thousands of Oregonians in the areas we serve to remain employed during the COVID-19 pandemic this year. We’ve had the opportunity to partner with many new clients as well and are humbled by the confidence our communities and clients have in Summit Bank.”

Summit achieved its eighth consecutive year of annual loan growth in excess of 20 percent during 2020. Total net loans (inclusive of PPP loans) as of December 31, 2020, were $572.6 million, representing a 30.9 percent increase over the fiscal 2019 total of $437.5 million. Deposit growth was particularly high during the year, with total deposits increasing by $205.7 million or 45.6 percent over the previous year. The Bank has maintained consistent profitability concurrent with its rapid growth during 2020. Summit also completed a successful capital offering during the year ($7.9 million) while achieving a return on average equity for the year of 14.3 percent. The 2020 fiscal year marked Summit’s eighth consecutive year producing a return on equity in excess of 10 percent.

Summit’s capital offering combined with strong retained earnings have added significant strength to the Bank’s capital position, with total shareholders’ equity increasing by $16.3 million to $63.1 million, an increase of 34.8 percent. Liquidity remains very strong with cash and short term investments as of fiscal year end 2020 at $160.9 million or 28.1 percent of total net loans.

The Bank continues to hold very low levels of non-performing assets with total non-performing assets at December 31, 2020 representing just 0.26 percent of total assets, down from 0.90 percent as of September 30, 2020, and a slight increase from 0.18 percent as of December 31, 2019.

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.