Summit Bancshares, Inc. Announces a Special Dividend

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Summit Bancshares Inc. declares a one-time special cash dividend of $0.42 per share, reports a 62% increase in earnings to $5.5MM for the year ending 2023, driven by investments and loan growth. The parent company of Summit Bank has a successful history of profitability for 496 months.

OAKLAND, Calif.--(BUSINESS WIRE)-- The Board of Directors of Summit Bancshares Inc., at a meeting held on January 17, 2024, in recognition of the bank’s 42nd year in business, declared a one-time special cash dividend of $0.42 per share, payable on February 29, 2024, to holders of record as of the close of business on February 12, 2024.

Summit Bancshares, Inc., parent company of Summit Bank, a commercial bank having full service branches in Oakland, Walnut Creek, and Emeryville, reported an increase in earnings by 62% to $5.5MM compared to $3.4MM for the year ending 2023. The increase in earnings was primarily from our investments which consist of Due from Time and Excess reserve with Federal Reserve as well as loan growth.

We are especially proud of our history of success having achieved monthly profits in our second month of operation and have consistently been profitable for 496 months.

Summit Bancshares, Inc., (OTC Bulletin Board: SMAL is the parent company of Summit Bank).

View source version on businesswire.com: https://www.businesswire.com/news/home/20240212743330/en/

Shirley W. Nelson

(510) 839-8800

Source: Summit Bancshares, Inc.

FAQ

What special cash dividend was declared by Summit Bancshares Inc.?

Summit Bancshares Inc. declared a one-time special cash dividend of $0.42 per share.

What was the increase in earnings reported by Summit Bancshares Inc. for the year ending 2023?

Summit Bancshares Inc. reported a 62% increase in earnings to $5.5MM for the year ending 2023.

What were the primary drivers of the increase in earnings for Summit Bancshares Inc.?

The increase in earnings was primarily from investments including Due from Time and Excess reserve with Federal Reserve, as well as loan growth.

How many months has Summit Bancshares Inc. been consistently profitable?

Summit Bancshares Inc. has been consistently profitable for 496 months.