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

Summit Bank, headquartered in Eugene with offices in Central Oregon and in Portland, was named today as one of the 100 Best Green Workplaces in Oregon.  Summit is the single Oregon-based bank to make the list this year.  To qualify, employees across the State rate their satisfaction with their employers’ sustainable workplace practices in two separate surveys.  The 100 Best Green Workplaces list is released annually to shed light on local businesses across all industries that are implementing green workplace practices and setting a standard for other organizations to follow.  

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

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

With offices in Eugene and Bend and a Loan Production office in Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank is designated this year as a City of Eugene “Bold Steps” award finalist for efforts contributing to sustainability and also as one of the 100 Best Green Workplaces in Oregon in 2019. 

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

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

Horner

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

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

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

With offices in Eugene and Bend and a Loan Production office in Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank is designated this year as a City of Eugene “Bold Steps” award finalist for efforts contributing to sustainability and also as one of the 100 Best Green Workplaces in Oregon in 2019. 

Summit Bank hires Stacy Koos as Senior Vice President

May 28, 2019

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

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

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

With offices in Eugene, Bend and now a loan production office in Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit Bank is the number one community bank lender in Oregon for SBA Financing.  

Summit Bank announces 2019 first quarter earnings

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

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

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

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

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

Beware of phone scams

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

Bill Whalen promoted to Chief Credit Officer

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

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

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

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

With offices in Eugene and Bend and a Loan Production office in Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank is designated this year as a City of Eugene “Bold Steps” award finalist for efforts contributing to sustainability. 

Weather Updates

UPDATE February 28, 1:00 p.m. – Our Central Oregon branch will close at 3:00 p.m. due to icy road conditions.

UPDATE February 27, 12:00 p.m. – Our Central Oregon branch will close at 3 p.m. due to weather conditions.

UPDATE February 27, 9 a.m. – Due to road conditions, Summit Bank’s Eugene branch will open at 10:00 a.m. Our Central Oregon branch will open at 10:30 a.m.

UPDATE February 26, 12:00 p.m. – Summit Bank’s Eugene branch will close at 3:00, and our Central Oregon branch will close at 2:30 due to inclement weather.

UPDATE February 26, 8:00 a.m. – Summit Bank’s Eugene branch will open at 10 a.m. due to inclement weather. There will be no courier service for either the Eugene or Central Oregon areas. Also, the drive-through in Central Oregon is currently closed due to snow. Stay warm and safe out there!

UPDATE February 25, 12:00 p.m. – Summit Bank’s Central Oregon branch will close at noon due to inclement weather. The Eugene branch will close at 2:15.

Due to inclement weather, Summit Bank in Eugene will open at 10 a.m. on February 25, 2019. Also, we will not have courier service. Thank you, enjoy the snow, and stay safe out there!

Summit Bank Quarterly Earnings Report – December 31, 2018

Summit Bank reported net income for the fiscal year ended December 31, 2018 of $5.76 million or $1.10 per fully diluted share.  Strong contributions from all of Summit’s operating units combined with a lower effective federal tax rate during 2018 allowed the Bank to achieve a 71 percent increase in fully diluted earnings per share compared to the previous year.   2018 earnings represented a $0.45 per fully diluted share increase over fiscal 2017 earnings of $3.28 million or $0.65 per share.  Fully diluted pre-tax earnings per share for the fiscal year 2018 increased 27 percent compared to fiscal year 2017.  

Earnings for the fourth quarter were similarly as strong with pre-tax fully diluted earnings per share of $0.47, an increase over the 4th quarter of 2017 of $0.17 or 58 percent.  

Summit achieved its sixth consecutive year of annual loan growth in excess of 20 percent during 2018.  Total net loans as of December 31, 2018, were $342.1 million, representing a 24 percent increase over the fiscal 2017 total of $276.5 million. Deposit growth mirrored loan increases, with total deposits increasing by $72.8 million or 24 percent over the previous year.  The Bank has maintained its profitability during the recent rapid growth, with return on average equity for 2018 of 15.3 percent marking Summit’s sixth consecutive year producing return on equity in excess of 10 percent.  

“The organizations and individuals we work with continued to prosper in 2018,” said Craig Wanichek, President and CEO, “Summit did as well. We are also excited about the significant new relationships that were added throughout the year.” 

Earlier this year, the Bank announced it took the first steps toward entering Oregon’s largest market, by hiring seven colleagues based in downtown Portland.  The team currently operates a loan production office out of a professional suite.  Summit Bank will open a full service office in downtown Portland in the near future.  “We are excited to introduce Summit Bank to our Portland business, professional and non-profit community and are filling a niche that has been vacated by M&A activity in this town,” said Steve Watts, the Portland team’s Senior Vice President. “As entrepreneurial bankers, we provide our clients with nimble, creative and sensible solutions for their business banking needs.”

Summit’s liquidity and capital positions have remained strong as deposit growth has matched the Bank’s loan growth and operating earnings have continued to increase as the Bank grows.  Cash and short-term investments of $61.1 million, increased by $13.8 million or 29 percent over the trailing twelve months since December 31, 2017. Over the same period, total shareholders’ equity increased by $6.0 million to $40.6 million, an increase of 17.5 percent.

With offices in Eugene and Bend, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  Summit Bank was designated this year as a 100 Best Company to Work for in Oregon, according to Oregon Business Magazine.

Margaret Holmes Tibbets joins Summit Bank as Senior Vice President and Chief Administrative Officer

January 10, 2019, Eugene, OR – Craig Wanichek, president and chief executive officer of Summit Bank (Nasdaq: SBKO), today announced that Margaret Holmes Tibbets has joined Summit Bank as Senior Vice President Chief Administrative Officer. She will oversee strategy and is responsible for the internal operations of the Bank including loan and deposit operations, compliance and human resources.  She will also work with our VP of Information Technology Services in product development and technology integration and coordination.  

“One of the greatest attributes we have as a business bank is an ability to adapt and grow as the needs of our clients evolve,” said Wanichek.  “Margaret will provide some vital organizational skills to the Bank while helping maintain our position as the community bank of choice for business clients in Eugene, Springfield, Central Oregon and now, Portland. She is a strong leader who will help us continue to deliver a positive customer experience, while growing our internal processes.  She is highly respected in the banking community and her experience in managing operations, risk management and process efficiencies will help take us where we want to go as a bank.”

 A native Oregonian, Tibbets has a tenured career in banking, serving most recently as Senior Vice President Bank Administration Officer at a $6.3 billion bank in Northern California.  She has served in leadership positions at Tri Counties Bank, Bank of the Cascades and Wells Fargo.  

 Along with her experience as a banker, Tibbets has been instrumental in developing community relationships and fund raising with non-profits and in deploying CRA programs.  Tibbets also recently sat on the Western Bankers Association Federal Government Affairs Committee, where she was an advocate for banking reform on Capitol Hill.  She received a Bachelor of Science degree in Political Science from Oregon State University and is a 2018 Graduate of the Western Bankers Association (WIB) Executive Development Program. 

With offices in Eugene and Bend and a new loan production office in Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit is the number one community bank lender in Oregon for SBA Financing.  

Summit Bank takes first step into Portland market

January 2, 2019, Eugene, OR – Craig Wanichek, president and chief executive officer of Summit Bank (Nasdaq: SBKO), announced today that Summit Bank has taken the first step towards entering Oregon’s largest market, by hiring seven employees that will be based in downtown Portland. While the new employees will operate out of a professional suite initially, Summit Bank intends to occupy office space and a branch in the downtown Portland area in the near future.

“With a proven business model that has delivered 23% annual organic loan growth over the last five years at the same time generating an average return on equity of 13%,” said Wanichek “we feel that the timing is right for Summit Bank to expand our relationship-based approach to small and medium sized businesses, professional and medical firms and nonprofits in the Portland Metro/SW Washington market.” 

The new employees hired for the Portland office are 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, Max Hawes, Associate Business Client Advisor and Winni Drake, Loan Operations Executive Administrator. 

“We are eager to bring Summit Bank to Portland,” said Watts. “We are bankers who build long term relationships based on knowing our clients, holistically addressing their needs, anticipating the future and providing a consultative approach.  We also strongly believe in giving back to our local community.  We feel confident that Summit Bank is the perfect match.  In addition, the Portland banking landscape currently has a void that Summit Bank, as a strong, nimble, well-positioned Oregon-based community bank will step in and fill.”  

“We are very excited to welcome this accomplished group of bankers to our team,” said Wanichek. “Our new colleagues come to us with vital knowledge of the Portland Metro market, a proven history of commercial lending success and a great team camaraderie. We could not ask for a better group to spearhead this new and exciting venture for Summit Bank.”

With offices in Eugene, Bend and now a loan production office in Portland, Summit Bank is a community bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.  Summit Bank is the number one community bank lender in Oregon for SBA Financing.  

Summit Portland.1.2.19 LPO