November 3, 2020 – Effective immediately, Summit Bank (OTC Pink: SBKO) shareholders have approved the formation of Summit Bank Group, Inc., a bank holding company. All regulatory information and documentation for the Holding Company has been approved, making Summit Bank a wholly owned subsidiary of Summit Bank Group, Inc. As a result, Summit Bank shareholders have become 100% owners of the Holding Company.
Also, as a result of the reorganization, each share of Bank common stock owned by Summit Bank shareholders at the time of the reorganization was converted into the right to one share of the Holding Company common stock. The ticker symbol for the Holding Company remains SBKO.
“We are excited to announce the formation of a holding company,” says Craig Wanichek, President and Chief Executive Officer. We believe that this reorganization is in the best interest of Summit Bank’s long term growth goals and strategy. The holding company structure provides us the platform and opportunity for operational flexibility. We thank our shareholders for their support as we continue to build our company.”
With offices in Eugene/Springfield, Central Oregon and the Portland metropolitan area, Summit Bank is a business bank that specializes in providing high-level service to professionals and medium-sized businesses and their owners. SummitBank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.