SBKO Summit Bank Group Inc (PK)

Summit Bank (OTCBB:SBKO), headquartered in Eugene, Oregon, announced today that they will submit an application to the FDIC to open an office in Bend, Oregon. This will be Summit’s second Oregon location. The proposed office will be located at 560 SW Columbia Street, on the corner of Colorado and Columbia. With this expansion, Summit Bank also plans to add up to 2 additional board members from the Bend area.

“As we reviewed our strategic plan, opening an office in Bend elevated to the top of attractive initiatives,” said Paul Weinhold, Chairman of the Board of Directors. “We are confident that Central Oregon will continue to see tremendous growth. We also have deep ties to the community and currently have several million dollars in loans in the area. These factors, as well as the absorption of seven community banks in Bend since 2008, make it an ideal area for us to offer our relationship-based banking.”

Summit Bank reported earnings for the 2014 fiscal year of $2.4 million, up 67% from 2013. Loans for the year were up 25% over last year and deposits increased 18% over the previous year. During 2014, credit quality improved and remained very sound, with non-performing assets improving from 0.6% of assets to 0.4%. Summit Bank’s return on equity ranked in the 95th percentile of banks with assets between $150 million and $1 billion, making it one of the top-performing community banks in the country.

“Our strategy of relationship banking has resonated with business owners and professionals,” said Craig Wanichek, President and CEO of Summit Bank. “Our approach is pretty simple; we strive to take great care of our clients and our community while providing a strong return for our shareholders.”

The Bank reports that some improvements need to be made to the proposed building and expects that, upon FDIC approval, the office will open around the 4th of July. The branch will focus on serving professionals and small- to medium-sized businesses. It will be a full-service commercial bank branch, accepting deposits, providing commercial, personal, and SBA loans, as well as operating a drive-through window.

“We plan to hire local, professional commercial bankers, led by a Market President,” said Wanichek. “It is important to have a strong leadership presence in Bend so we can advocate for clients, provide flexible terms, and have quick decision making.”

Headquartered in Eugene at 96 E. Broadway, the Bank specializes in providing high-level banking services to professionals and to medium-sized businesses and their owners. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

Summit BankCraig Wanichek, 541-684-7500President & Chief Executive Officer

Summit Bank (PK) (USOTC:SBKO)
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