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UPDATE 5/18/20:

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application.

The U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.  The documents released will help small businesses seek forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans.

For complete information, click here.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications.  The form and instructions include several measures to simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

Click here to view the application. 

New information about the SBA Paycheck Protection Program

POSTED 4/8/20

Summit Bank’s goal is to help as many of our small businesses hurt by COVID-19 as possible. This is an unprecedented time in our lives.  The volume of the applications received for this program from businesses in our communities has been staggering.  Last Thursday night, before the launch of PPP, and as soon as guidance was available to us, we began reviewing hundreds of applications, and we haven’t stopped since.

Like all loan processes, a review and due diligence is necessary to move forward.  These were not grants but a special type of Summit Bank SBA loan with advantageous terms for borrowers. In this process, the bank took very seriously the main considerations of the bill:

  • The uncertainty of current economic conditions makes necessary the loan request to support the ongoing operations
  • The funds will be used to maintain workers and maintain payroll, or mortgage payments, lease payments and utility payments.

We had 500 applications to review by 2:00 p.m. on Thursday.  As of today, we have received preliminary approval on $50 million PPP loans, which is a large amount for a community bank with three offices and total assets of a little more than $500 million. Because these are loans that may remain on our books, certain regulatory capital levels have to be considered and therefore every application cannot be approved.  $50 million is not enough to fund all the applications we have received.    

We have tried to contact everyone personally. For those who have not been contacted, we were not able to process your loan due to the overwhelming demand and need in our communities. The SBA, as of the time of this writing, still has over $250 billion available in the Program. Therefore, we encourage you to apply for PPP from another resource.  Though we are not endorsing any alternatives, we are aware of three online resources that are taking applications for PPP approval among the many avenues that are available to pursue.  Their websites are:

Ready Capital:

Please check Summit Bank’s PPP page for updates as this program evolves.  

Information about the SBA Paycheck Protection Program

Update: April 6, 2020. Summit Bank takes pride in our ability to help small businesses and our communities hurt by COVID-19.  This is an unprecedented time in our lives.  The magnitude of the need of businesses in our communities is abundant.  We immediately began reviewing hundreds of applications Thursday night through the weekend. As you know, we are a local community bank with three offices and an asset size of a little more than $500 million. We have submitted over $35 million of PPP loans as of Monday morning to the SBA that have received preliminary approval.  Our entire Leadership Team has been working around the clock to process applications.  We are very happy that we have been able to help as many businesses as we have under these extremely high pressure times. We are disappointed that we are unable to immediately help the 500 + business clients who applied for the Paycheck Protection Program (PPP), which became available for application on the morning of Friday, April 3, 2020.  

We realize there is a lot of apprehension surrounding the PPP Program along with some fear that the program will run out of money before all PPP applications can be approved.  Along with other bank CEOs, I was able to join a video conference call Sunday morning with Treasury Secretary Mnuchin.  We learned:

  • Out of the 5,200 lenders in the United States, there were 1,900 lenders participating in the PPP.  
  • A small number of Community banks are the very first PPP lenders in the SBA system.  
  • Summit Bank is one of the first banks in the country that is up and running with loans already preliminarily approved over the weekend. 
  • We have learned that more lenders will start to process applications this week, including national and regional banks. 
  • Over the weekend SBA was receiving about $1 billion in approvals every hour.
  • There is a lot of support in Washington D.C, for more funding if the $349 billion runs out. 

We are working on several avenues that would allow us to provide additional funding. We believe we will know more in the coming days. It is our sincerest wish that we can help every client who has applied at Summit but, due to excessive demand exceeding supply, we are unable to help everyone. 

Next steps: 

We will reach out to those who have preliminary SBA approval in Phase 1 to follow up with closing documentation and required certifications by the end of the business day on Tuesday, April 7.   We are waiting for the SBA for finalized guidance that will be required prior to disbursement.  

Thank you

Craig Wanichek,
President and CEO

Expert Opinions in Times of Uncertainty

APRIL 2020 — It is in times of uncertainty that we often look, sometimes frantically, towards those whom we view to be in a position to offer sage advice, and who better than the Sage of Omaha. Perhaps now is one of the best times to revisit the words of Warren Buffett over the years. Below is a part of his 2008 Op-Ed for the New York Times (linked in its entirety under this article). 

Of course, the premise of the 2008 financial downturn and the current trends we are seeing are quite different from one another, but nonetheless, Buffett’s sentiments should give us solace in a world of many unknowns: “Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.” 

While 12 years and a lot of economic change separate us from Buffett’s first utterance of this statement, it still rings true today. We can look to history and find unmistakable resiliency in the American psyche, and pocketbook, overall. 

Now is the time to reinvest, recommit, and look local. In times of downturn it is the local communities we know and love, like the ones we’re committed to here at Summit Bank, that have the power to change our world.  

Noah Wilcox, the new chair of the Independent Community Bankers of America (ICBA), told American Banker, ‘“Community banks make 50-plus percent of small business loans nationally, and those are the businesses that keep employment and local economies strong.”’ 

And we couldn’t agree more. President and CEO of Summit Bank, Craig Wanichek says, “Banks like Summit are significantly more prepared with capital, liquidity, and experience to handle these types of challenges today. We have already approved loans modifications, increased lines of credit and talked with our clients about next steps and additional contingency plans.” 

We take pride in the relationships on which Summit’s foundation was built. Our clients are the reasons our communities are so great—we’re ready to help, to innovate and come up with new solutions for new challenges, even the ones that may seem insurmountable. 

“I am reading the book, Ride of a Lifetime, by Robert Iger, former CEO of Disney, he had a very apropos statement,” Wanichek said. ‘“If you approach and engage people with respect and empathy, the seemingly impossible can become real.”’

We have faith in our community. In the power of investing and buying locally, in historical lessons that say: we will rise again. 

To read Warren Buffett’s Op-Ed, click here. 

For the American Banker interview with Noah Wilcox, click here

For Summit CEO & President, Craig Wanichek’s recent letter to the community, click here. 


To the Summit Bank Community: 

Summit Bank is open for business.  Our focus is on protecting our clients and their finances, and our colleagues, during the ever changing COVID -19 pandemic.  We have built our bank on having strong personal relationships with all of you who bank with us. We are committed to providing services, resources and support to our clients during this trying period. We have developed the mutual trust to build plans for short and long term sustainability.  Be assured, our colleagues are taking all the necessary precautions to avoid contracting an illness, while ensuring continued safe and sound operations of the bank. Thankfully we had a strong Business Continuity Plan in place that allowed us to react quickly to the Pandemic. We were also fortunate to be in a very strong place financially with strong liquidity and capital. Your money is safe with Summit Bank.

We feel our clients benefit from those with extensive local market knowledge. Summit Bank was founded in 2004 by a group of local entrepreneurs who wanted to create the kind of purposeful, personalized banking service they desired themselves.  They envisioned services inspired by partnerships and defined by shared vision goals. Through the last 15 years, we’ve stayed focused on the fundamentals of banking – maintaining high liquidity, solid capital and, most importantly, an unwavering focus on the communities we serve. 

We, like our customers, are deeply connected to and engaged in the communities we serve. We champion local economic development and nonprofit activities. All of us working together in the communities in which we live and work will enable us to get through this together. Today, Summit Bank is guided by purpose driven banking, community stewardship, regional industry expertise, speed to serve, and a commitment to economic development in all three of our markets. 

How will Summit Bank let me know if there are any changes in access and services?

Continue to check our Summit Bank and Facebook pages for COVID-19 updates. We also communicate any changes in access to our offices or services on our website at:

Banking Options.

As we navigate this unprecedented situation, we want to remind you about the various banking channels we provide our clients. Our downtown Portland office in the KOIN Tower is open for full-service banking Monday-Friday between the hours of 9:00 a.m.-5:00 p.m.  Summit Bank’s Central Oregon and Eugene offices are open during the times listed above for drive-through banking.  Appointments can be made during regular scheduled hours to accommodate account opening or to visit your safe deposit box.  

Summit Bank has invested in technological options.  These alternative ways of banking make it easier and safer for our clients to bank remotely. These options include:

  • Drive-through banking, open Monday -Friday from 9:00 a.m. – 5:00 p.m. 
  • Night drop banking – checked every 30 minutes during business hours  (Central Oregon &    Eugene)
  • Mobile deposit banking – available 24 hours a day
  • Remote deposit banking – available 24 hours a day
  • Personal and Business Online Banking – available 24 hours a day

How can I get ahold of Summit Bank?

Please call your banker if you have any questions.  General lines are below:

Central Oregon: 541.317.8000

Eugene: 541.684.7500

Portland: 971.940.1911

Protect your Financial Well-Being, Be Aware. 

As the country and our communities work to contain the COVID-19 pandemic, it is important to note, that unfortunately, there are spammers and scammers in the world who are using the situation to take advantage of people and businesses.  I want to remind all of our clients that scams, especially fraudulent emails purporting to be sent by health or government agencies that require people to provide personal or account information, are in existence right now.  Please note that Summit Bank will not request your personal information by email.

We would like to remind you that your money is safe with us.  Funds deposited in the bank are generally federally insured up to $250,000, and the insurance programs are backed by the full faith and credit of the United States Government —a method through which no guaranteed insured money has ever been lost.  Like scams to garner personal information, fraudsters spreading fear about the safety of your funds in any bank, are unwarranted. If cash is lost or stolen, it cannot be replaced.

Helping You and Your Business.

Our bankers are here to constructively work with your businesses, nonprofits, public entities, and you individually. As in previous downturns, we are here to help with your banking needs, provide you capital when you most need it and take advantage of every tool we have at our disposal to keep you — and our communities — thriving. In our conversations across the portfolio our borrowers are also well-capitalized and liquid. But, we never have and never will have a one-size-fits-all program. We are happy to help some borrowers with accommodation but overall the portfolio looks like it will weather this disruption very well.  We will look at your particular situation and work to get you through the facts surrounding COVID-19. 

Our local state and federal governments have created a number of programs to assist you, as well. We have compiled a list of resources provided by the federal, state and local governments to help. We also stand by ready to assist you in navigating these programs.

How is Summit Bank handling safety in the branches? 

Our Central Oregon and Eugene drive-throughs are open during normal business hours.  Our Portland office is open during normal business hours.  Our Central Oregon and Eugene branch offices are open by appointment only, which reduces the number of people in our lobbies. The two lobby closures have reduced the exposure to potential harmful COVID-19 germs. We have also taken swift and significant sanitary responses to the pandemic. We have protocol around timely sanitation of each teller workspace and high touch objects, social distancing, hand sanitizer placement throughout the building, mandatory handwashing and have provided an extra week paid time off for people who are feeling ill or have family members who are showing signs of illness. We’ve also significantly limited in person meetings and travel. We have proactively separated departments in multiple locations, so our teams and critical operations can maintain a safe distance throughout the workday. We’ve also let those who can work securely from home do so. As an Executive Team, we meet every day at 4:00 p.m. to review and update our bank on the most recent developments surrounding COVID-19.

How do they calculate FDIC Insurance Amounts?

FDIC insurance has protected depositors since 1933. In fact, no depositor has ever lost a penny of FDIC-insured funds. Please call your banker if you have specific questions related to FDIC insurance. We have the ability to provide FDIC insurance up to $25 million. 

Learn more about FDIC insurance here


FDIC Coronavirus Information

FDIC Electronic Deposit Insurance Estimator (EDIE)

Why Summit Bank?

Summit Bank consistently achieves high performance ratings from bank rating agencies and industry associations.  

BauerFinancial: We are ranked 5-Stars by BauerFinancial, an independent bank rating firm for security, strength and reliability.  This means Summit Bank is recognized as one of the strongest financial institutions in the country.

ICBA Top 200 BankIn the July, 2019 issue of Independent Banker® Magazine, Summit Bank was recognized as a top-producing lender in the country.  Independent Banker’s listing identified the top 120 commercial, consumer/mortgage and agricultural community bank lenders with the highest dollar-value percentage of loans to assets in 2019.  Summit Bank was also named as one of the Top 20 most Innovative Banks by the same magazine in 2018.  

S & P Global: In recent years, Summit Bank has been recognized on S & P global market intelligence rankings of community banks under 3 billion in assets.  We have appeared as a top performing bank headquartered in the Northwest and have ranked in the top 200 of nearly 5000 other community banks across the country. 

For more information about COVID-19:

World Health Organization (WHO)

Centers for Disease Control and Prevention (CDC)

Oregon Health Authority 

Multnomah County

Lane County

Deschutes County

American Bankers Association (ABA)

Independent Community Bankers of America (ICBA)

Oregon Bankers Association (OBA)

We will get through this Together.

By working together, we will weather this storm and come out even stronger.  Thank you for banking with Summit.  


Craig Wanichek
President  & CEO

Summit Bank to close lobbies in Eugene and Central Oregon

POSTED 3/18 5:22 PST To ensure the safety of our clients and colleagues, we are joining several banks throughout Oregon in closing our Central Oregon and Eugene lobbies as of Thursday, March 19.

As we know, social distancing and strong hygiene are the best deterrents to the spread of COVID-19. We feel this action, taken now, sets us up to provide a high-level of service throughout these challenging times. Our Portland office in the KOIN Tower remains open.

Alternative Banking Options:

• Drive-through banking, open Monday -Friday from 9:00 a.m. – 5:00 p.m. (Central Oregon and Eugene)

• Night drop banking – checked every 30 minutes during business hours  (Central Oregon and Eugene)

• Mobile deposit banking – available 24 hours a day

• Remote deposit banking – available 24 hours a day

• Business Online Banking – available 24 hours a day

• Courier service – continues to be available in Central Oregon, Eugene and Portland during normal business hours

New accounts can be opened in Central Oregon and Eugene by appointment, only.  Access to client safe deposit in Central Oregon and Eugene can also be scheduled by appointment, only.  

If you have any questions, please call your Summit Bank banker.  

Central Oregon Office: 541.317.8000

Eugene Office: 541.684.7500

Portland Office: 971.940.1911

Summit Bank’s Coronavirus Preparedness

A Message from Summit Bank President & CEO Craig Wanichek.  
(Updated 3/16/2020, 1:30pm PST)

We understand that these are trying and uncertain times. We want to express our support for those who are impacted. Summit Bank stands ready and prepared to assist our colleagues, clients and community. Our team is actively monitoring all public health guidance with the Coronavirus (COVID-19). We are also taking immediate steps to ensure that all of our clients have access to bank services.

We are proud of our role in the community and specifically the business community. We remain highly rated as 5-Stars, by BauerFinancial, their highest ranking for bank safety and security, in an independent analysis of banks. Our liquidity as we alluded to in our year-end press release was strong. Please feel free to call the Bank or your advisor to discuss the FDIC insurance on your accounts.

In an effort to not disrupt our service levels in light of social distancing recommendations, we would like to highlight the following banking options. We have multiple remote banking options available in all three of our offices including:

  • Remote deposit banking
  • Mobile deposit banking
  • Business Online Banking
  • Personal Online Banking
  • Night drop that can be used throughout the day (Central Oregon and Eugene offices)

The Central Oregon and Eugene offices also have Drive-throughs, which we encourage our clients to use. These Drive-throughs are staffed to accommodate excess traffic. All three offices are staffed and can be reached by phone during business hours, which are between 9:00 a.m.-5:00 p.m., Monday through Friday. As of today, all of our branch offices are open and operating at normal hours.

Programs for clients:
We have a variety of options available to assist our clients as they navigate through today’s environment. Please call your banker if you have a specific question about how we can help your business navigate through these challenging times.

Programs for colleagues:
The safety and welfare of our clients and colleagues is our biggest priority. Rest assured that we are monitoring the developing this situation closely. We have programs in place to support of our colleagues including:

  • Enhanced cleaning practices and social distancing measures put in place in all three of our office locations
  • Where appropriate, colleagues who can work from home are now working from home.
  • Virtual meetings
  • Restricted business travel

We have provided guidance, in Center for Disease Control (CDC) recommendations, for all of our colleagues. This includes guidance on preventative healthcare. We also have the appropriate hygiene and cleaning procedures deployed across all three of the three of our offices.

More information:
While Summit Bank is not experiencing any disruption to our services currently, we are watching the COVID-19 situation very closely and have contingency plans in place in the event that we face disruption in service.

For additional up-to-date information on COVID-19, visit:

World Health Organization (WHO)

Centers for Disease Control and Prevention (CDC)

Oregon Health Authority 

Multnomah County

Lane County

Deschutes County

American Bankers Association (ABA)

Independent Community Bankers of America (ICBA)

Oregon Bankers Association (OBA)

Please contact us if we can be of any assistance. We appreciate your relationship.

Craig A. Wanichek
President and CEO

Coronavirus Update

A Message from Summit Bank President & CEO Craig Wanichek.  
(Updated 3/13/2020)

Summit Bank is committed to the health and safety of our colleagues and clients.  We are actively monitoring all public health guidance regarding the Coronavirus (COVID-19).  While we are not experiencing any disruption to our services currently, we are watching the COVID-19 situation closely and have contingency plans in place in the event that we face disruption in service.  Our team has taken steps to review and update our Pandemic Preparedness Policy and Plan.  We want to be sure that everyone is aware of their role in this evolving situation.

The safety and welfare of our clients and colleagues is our biggest priority.  We have provided guidance from the Center for Disease Control (CDC) recommendations, for all of our colleagues.  This includes guidance on preventative healthcare.  We also have the appropriate hygiene and cleaning procedures deployed across all three of the three of our offices.  We have also implemented a number of steps you may notice as you enter our offices.  As you know, this is a fluid situation.  Look to our web site for more updates.  

For additional up-to-date information on CODVID-19, visit:

We appreciate your banking relationship.  Please contact us if we can be of any assistance.  

Combating Fraud

March – 2020 – Chances are you or someone you know has been subject to some sort of financial or identity fraud in the past 10 years. In a world increasingly reliant on technology and the internet, fraudsters are finding new ways to access information, trick unsuspecting individuals, and rob people of financial and emotional security. 

According to Sentinel, a secure database that organizes and categorizes complaints made to the Federal Trade Commission (FTC), there were 3.2 million consumer reports on a “full range of fraud, identity theft and other consumer protection topics.” Most commonly consumers experienced Identity Theft, Imposter Scams, Telephone and Mobile Services Scams, respectively. And, 23 percent of those reports resulted in a loss for the reporting consumer. 

Scary? We think so, too. As your financial partner, Summit Bank is here to protect the livelihoods of each of our clients. As such, we’re ramping up our authorization and security measure standards. 

How you can prepare: 

  • Have your account information handy when you call our offices. While we take pride in personally knowing our clients, security is our first priority and you will always be asked for specific information. 
  • Be proactive. If you experience fraud or suspicious activity on accounts with other institutions, let us know so our team can be extra vigilant for you. 
  • Regularly change passwords to email accounts, billing services, Business Online Banking, and other sites that use and store your personal information.
  • If you are ever suspicious about phone or email conversations with a company representative, do not give them personal information. Instead, call phone numbers retrieved from an official website, or do business in person when possible. 
  • If one account is compromised, change your passwords on all accounts. 
  • Check your credit card and bank statements monthly. Follow up on any unfamiliar charges. 
  • Voice your concerns. You are our team’s number one priority, if you have questions or concerns about your information, please let us know and we can come up with solutions together. 
  • Notify all of your financial institutions about travel ahead of time. Utilize services like CardValet to maintain control of which countries your card is authorized for use in. 

Always remember that it’s better to be safe than to take a risk and become subject to fraud. It can take months, or even years to dispute charges and rebuild credit when fraudsters get ahold of and use your personal information. While it may seem inconvenient to answer more security questions and have more information ready for the companies you deal with regularly, it’s nothing compared to the financial and emotional turmoil that can result when a company fails to take proper precautions to protect their biggest assets: You. 

For more information about fraud trends in the US and internationally, visit:

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.