Summit Financial Group, Inc. announced completion, effective April 1, 2023, of the acquisition of PSB Holding Corp. and its subsidiary, Provident State Bank, Inc., headquartered in Preston, Maryland. On March 23, 2023, the Board of Directors of Summit approved a prospective increase in the size of the Board to fifteen (15) members, with such increase being contingent upon, and to be effective concurrent with, completion of the Merger.

Pursuant to the terms of the Agreement, the Board also approved on a prospective basis the appointment of David R. Wilson, Sr. as a director of Summit to fill the vacancy created by that action. Mr. Wilson's appointment was contingent on, and to be effective concurrent with, completion of the Merger. Mr. Wilson has not yet been appointed to any committees of Summit's Board of Directors.