Eugene, OR, November 30, 2016 — Summit Bank (OTCBB:SBKO) announced that its previously approved 3-for-2 stock split of the company’s shares of common stock payable in the form of a stock dividend is complete. The ex-dividend date was November 21, with shareholders of record as of November 28 receiving one additional share for every two they own.
“Given Summit’s strong financial results in the third quarter of 2016 and the increase in our stock price since the last stock split, the Board reviewed a number of options to thank our shareholders for their support over the years,“ said Craig Wanichek, president and chief executive officer. “We believe the time is right for a one-time split 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 third quarter ending September 30, 2016 of $840,000 or 35 cents per fully diluted share, making the bank’s third quarter earnings the highest the Bank has achieved in its history. Year-to-date earnings were $2.1 million or 88 cents per fully diluted share.
With offices in Eugene and Bend, Summit Bank 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.