Summit Bank : Shareholders approve formation of Summit Bank Group, Inc., a bank holding company
November 03, 2020 at 04:35 pm EST
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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.
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Summit Bank published this content on 03 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 November 2020 21:34:10 UTC
Summit Bank is an independent community bank. The Bank provides personalized service and professional banking advice. It provides commercial banking, financing, real estate lending and other services primarily in Lane, Deschutes and Multnomah Counties in Oregon. The Bank's personal banking services include loans, such as home equity lines of credit, personal lines of credit, professional lines of credit, and auto, boat and recreational vehicle (RV) loans. The Bank offers a range of deposits for businesses. It provides a full range of deposit services for business, including customer service, customized business online banking, business mobile banking, automated clearing house (ACH) and wire transfers, remote deposit service, business visa debit card with automated teller machine (ATM) access, corporate credit cards, courier services and lockbox. The Bank's deposits include noninterest-bearing demand deposits, savings and interest-bearing demand deposits, and time deposits.