Summit Bank Announces Jamie Moffitt Has Joined the Board of Directors

Rhea-AI Summary

Summit Bank (OTC Pink: SBKO) announced Jamie Moffitt, CFO of the University of Oregon, will join its Board of Directors, replacing founding member Ann Marie Mehlum, who is retiring in April 2023. Moffitt's experience spans finance, administration, and strategic planning, aligning with the bank's growth objectives. Craig Wanichek, CEO of Summit Bank, emphasized Moffitt's vision and financial oversight capabilities as valuable assets to the board. With a robust background in both academia and the private sector, including consulting for Fortune 500 companies, Moffitt's addition is poised to enhance the bank's leadership.

Positive

• Jamie Moffitt's extensive experience in finance and administration is expected to strengthen the board.
• Moffitt brings a vision aligned with Summit Bank's growth objectives.

Negative

• Ann Marie Mehlum's retirement may create a gap in institutional knowledge and leadership continuity.

EUGENE, Ore.--(BUSINESS WIRE)-- Craig Wanichek, president and chief executive officer of Summit Bank (OTC Pink: SBKO), announced today that Jamie Moffitt, senior vice president for finance and administration and chief financial officer of the University of Oregon (UO), is joining the Board of Directors of Summit Bank. Moffitt steps in for Ann Marie Mehlum, founding President and CEO of Summit Bank and member of the Summit Bank Board of Directors since 2017.

Jamie Moffitt joins Board of Directors for Summit Bank. (Graphic: Business Wire)

Mehlum is retiring off the board in April, 2023. "As a director and founding chief executive officer of Summit Bank, Ann Marie brought an enormous amount of institutional knowledge, outstanding leadership and banking expertise to our team," said Paul Weinhold, the chairman of the board of Summit Bank. “She will forever be a highly respected member of our executive management team and a valued advisor on operating and strategic issues. Her experience in commercial lending, community banking, and most recently, federal agency administration, helped strengthen the leadership of Summit Bank’s exceptional board.”

Moffitt brings years of corporate experience to the Summit Bank Board of Directors. According to Weinhold, “Jamie’s experience as a visionary at the University of Oregon managing a broad range of units such as budget and resource planning, business affairs, campus planning, facilities management, human resources, and safety and risk services, will bring a tremendous amount of insight to our business-focused board of directors. Jamie is an ideal fit for Summit Bank and will provide us with sound financial oversight as we continue to grow.”

Moffitt earned her Bachelor of Arts in Economics from Harvard, her Master of Arts in Law and Diplomacy focusing on international business from The Fletcher School of Law and Diplomacy and her juris doctor from Harvard Law School. While in school, she was the training director for the Harvard Mediation Program and helped teach classes with the Harvard Negotiation Project. She was also a founding member and the deputy editor-in-chief of the Harvard Negotiation Law Review. Moffitt has published multiple articles on negotiation, mediation and mergers and acquisitions.

Before being appointed as chief financial officer of the UO in January 2012, Moffitt was the University’s executive senior associate athletic director for finance and administration from May, 2010 to December, 2011. In this role, she managed finances, human resources, contracts and facilities for the athletic department.

Before coming to the UO, Jamie spent seven years working in the private sector. She began her career working as a consultant with McKinsey & Company, a global management consulting firm. At McKinsey, her engagements mainly focused on strategic planning and merger and acquisition projects for Fortune 500 companies. She then moved to the role of vice president of strategy and professional services for Beachfire, a venture capital-backed software company providing negotiation applications to the financial services sector.

About Summit Bank

Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, is a leading independent community bank providing outstanding service to professionals and businesses within various industries including manufacturing, healthcare, public entities, and nonprofits. With offices in Eugene, Central Oregon, and downtown Portland, Summit Bank specializes in high-touch personal banking and local decision making. Summit Bank Group Inc. is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. In 2021, Summit Bank was named the Top Small Business Administration (SBA) Community Bank Lender in the State of Oregon and, for the past three years, has been named to Oregon Business Magazine’s Top 100 Best Places to Work.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230131006050/en/

Craig Wanichek, President & Chief Executive Officer 541-684-7500

Source: Summit Bank

FAQ

Who is Jamie Moffitt and what is her role at Summit Bank?

Jamie Moffitt is the new Board Member at Summit Bank, bringing experience as CFO of the University of Oregon.

What prompted the leadership change at Summit Bank?

The board change was initiated by the retirement of founding member Ann Marie Mehlum, effective April 2023.

How might Jamie Moffitt's experience affect Summit Bank?

Her background in finance and strategic planning may enhance financial oversight and support growth initiatives at Summit Bank.