Summit Bank Announces Strategic Leadership Transition and New Role Creation

Rhea-AI Summary

Summit Bank Group (SBKO) announces a leadership transition with Scott Goldstein moving from CFO to Balance Sheet Risk Officer, and Chris Hemmings appointed as the new CFO. Goldstein's 20-year tenure saw the bank's growth from $1 to $1 billion. Hemmings, with prior experience as Controller, aims to ensure seamless transition and future success.

EUGENE, Ore.--(BUSINESS WIRE)-- Summit Bank Group (OTC Pink: SBKO), a leading financial institution, is proud to announce a transition in its leadership team, marking a pivotal moment in its history. After 20 years of dedicated service as the founding Chief Financial Officer (CFO), Scott Goldstein has achieved a significant personal and professional milestone. Scott played an instrumental role in the Bank's remarkable journey throughout his tenure, supporting its growth from $1 to $1 billion since 2004.

Scott Goldstein (left), Executive Vice President, Balance Sheet Risk Officer; Chris Hemmings (right), Executive Vice President, Chief Financial Officer (Graphic: Business Wire)

In mutual agreement with Summit Bank, Goldstein will transition to a newly established Balance Sheet Risk Officer role. He will leverage his wealth of experience and expertise to manage critical aspects of the Bank's financial operations moving forward.

To ensure a seamless transition and continued future success, Chris Hemmings, former Chief Operating Officer, has been named Chief Financial Officer of Summit Bank and the Bank Holding Company, effective Thursday, April 25, coinciding with the Annual Shareholders Meeting. Hemmings brings a wealth of experience to his new role, having previously served as Controller.

Hemmings will collaborate closely with Goldstein during the transition period, drawing on his comprehensive skill set to lay the groundwork for the Bank's future growth and prosperity. Summit Bank extends its heartfelt gratitude to Goldstein and Hemmings for their invaluable contributions to the Bank's success in past and future endeavors. The Bank looks forward to continued growth and prosperity under their capable leadership.

About the Company

Summit Bank Group Inc., through its wholly owned subsidiary Summit Bank, maintains offices in Eugene, Bend and Portland and specializes in providing high-level service to professionals and medium-sized businesses and their owners. The bank was voted for the third year in a row as one of Oregon’s “Top 100 Companies to Work For,” according to Oregon Business Magazine. The Bank was voted in 2023 as “Favorite Bank” in the Eugene Register-Guard’s annual Reader’s Choice Awards and “Best Bank” by Central Oregon’s Bend Bulletin. Summit Bank Group Inc. is quoted on the OTCPK as SBKO.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240402515986/en/

Craig Wanichek

President & Chief Executive Officer

541-684-7500

Source: Summit Bank Group Inc.

FAQ

What is the ticker symbol for Summit Bank Group?

The ticker symbol for Summit Bank Group is SBKO.

Who is transitioning to the newly established Balance Sheet Risk Officer role?

Scott Goldstein is transitioning to the newly established Balance Sheet Risk Officer role.

Who has been appointed as the new Chief Financial Officer of Summit Bank?

Chris Hemmings has been appointed as the new Chief Financial Officer of Summit Bank.

How long has Scott Goldstein served as the CFO of Summit Bank?

Scott Goldstein has served as the CFO of Summit Bank for 20 years.

What was the bank's growth under Scott Goldstein's tenure?

The bank's growth under Scott Goldstein's tenure was from $1 to $1 billion.