Summit Bank Group, Inc. Issues Stock Dividend

Rhea-AI Summary

Summit Bank Group, Inc. (OTC Pink:SBKO) has announced a five-for-four stock split, payable as a stock dividend. The ex-dividend date is April 9, with shareholders of record by April 1 receiving one extra share for every four held. Chair Paul Weinhold emphasized that the split aims to enhance the stock’s marketability and liquidity. In fiscal 2020, the bank reported net income of $7.93 million, or $1.38 per diluted share, marking a 29% increase from 2019, alongside consistent net loan growth of over 15% for 26 quarters.

Positive

• Stock split approved to enhance marketability and liquidity.
• Fiscal 2020 net income increased by 29% to $7.93 million.
• Consistent net loan growth of over 15% for 26 consecutive quarters.

Negative

• None.

Summit Bank Group, Inc. (OTC Pink:SBKO) announced that its Board of Directors approved a five for four stock split of the company’s shares of common stock payable in the form of a stock dividend. The ex-dividend date is April 9 with shareholders of record as of April 1 receiving one additional share for every four shares they own.

According to Summit Bank Group Board of Directors Chair Paul Weinhold, “We believe the time is right for a one-time split to continue to increase the stock’s marketability and liquidity by making it attractive to a larger number of potential investors.”

Summit Bank reported net income for the fiscal year ended December 31^, 2020 of $7.93 million or $1.38 per fully diluted share, an increase of 29 percent over 2019. The Bank has achieved year over year net loan growth in excess of 15 percent for 26 consecutive quarters.

“We are excited to be in a position to provide shareholders with this stock dividend,” said Craig Wanichek, President and Chief Executive Officer. “Summit Bank and our clients were successfully able to pivot during a tumultuous 2020, which resulted in record earnings for the Bank.”

Summit Bank, a wholly owned subsidiary of Summit Bank Group, Inc. has offices in Eugene, Central Oregon and Portland, and specializes in providing high-level service to professionals and medium-sized businesses and their owners. Summit Bank Group Inc. is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210317005252/en/

FAQ

What is the stock split ratio for Summit Bank Group, Inc. (SBKO)?

The stock split ratio is five-for-four.

When will the stock dividend be paid for SBKO?

The stock dividend will be payable on April 9.

What is the record date to receive the stock dividend for SBKO?

The record date is April 1.

How much was Summit Bank's net income for the fiscal year 2020?

Summit Bank reported a net income of $7.93 million for fiscal year 2020.

What was the percentage increase in net income for Summit Bank Group in 2020?

The net income increased by 29% compared to 2019.