Summit State Bank Appoints Belinda Guadarrama, President and Chief Executive Officer of GC Micro Corporation, to Board of Directors

Rhea-AI Summary

Summit State Bank (NASDAQ: SSBI) has appointed Belinda Guadarrama to its Board of Directors. Recognized for her advocacy of small and minority businesses, Belinda has received numerous awards, including the California State Small Business Person of the Year. Her leadership experience includes founding GC Micro, a top Hispanic-owned firm, and co-chairing the Dell GovEvolve organization. With total assets of $923 million as of September 30, 2021, Summit State Bank focuses on exceptional service and support for local businesses and nonprofits.

Positive

• Belinda Guadarrama's appointment brings extensive experience in advocating for small and minority businesses.
• Her leadership has been recognized nationally, likely enhancing the bank's reputation.
• The bank maintains a diverse management structure, with 65% being women and minorities, aligning with its community-focused mission.

Negative

• Potential concerns about continuity in leadership experience if the new board member's approach contrasts with existing strategies.

SANTA ROSA, Calif., Oct. 28, 2021 (GLOBE NEWSWIRE) -- Summit State Bank (NASDAQ: SSBI) appointed Belinda Guadarrama to its Board of Directors.

“We are pleased to welcome Ms. Guadarrama as a Director. Belinda’s experience and advocacy of small and minority businesses, and dedication to the community, has earned her local and national recognition through various prestigious awards, including California State Small Business Person of the Year by the Small Business Association, Hispanic Business Woman of the Year by the United States Hispanic Chamber of Commerce, the National Director’s Legacy Award for Lifetime Achievement by the U.S. Department of Commerce Minority Development Agency, and The Spirit of Marin Award, making her an excellent addition to our Board of Directors.

As a community bank, we feel strongly about giving back and Belinda’s commitment to community mirrors our vision and culture. Her strong business acumen will play a key role in continuing the Bank’s commitment to serving our customers and community with the highest service standards,” states James Brush, Summit State Bank’s Chairman of the Board of Directors.

GC Micro was founded by Belinda and is rated one of the 500 largest U.S. Hispanic-owned companies by Hispanic Business Magazine. Under Belinda’s leadership, GC Micro has been recognized by its customers for outstanding customer service receiving The Boeing Performance Excellence Award for the past several years, Woman-Owned Contractor of the Year from the U.S. Department of Agriculture, Just-In-Time Supplier of the Year by Sandia National Laboratory, Administrator’s Award for Excellence from the U.S. Small Business Administration (SBA), World Class Team Award by Northrop Grumman, Technology Vendor of the Year by Lawrence Livermore National Laboratory and Customer Partnership Award from Sandia National Laboratory, among many others. Since 2015, GC Micro has also been named one of the Best Places to Work by the North Bay Business Journal.

Currently, Ms. Guadarrama serves as co-chair of the Dell GovEvolve advocacy organization representing IT firms involved in Federal contracting. She has served as Chair of the NASA Minority Business Resource Advisory Committee. This committee worked with NASA and its contractors to ensure the participation of minority-owned firms in the future of space exploration. Ms. Guadarrama also served as a member of the U.S. Department of Energy Task Force on Small Business Development and formerly served on the Advisory Committee for another local community bank in California.

About Summit State Bank

Summit State Bank, a local community bank, had total assets of $923 million and total equity of $82 million at September 30, 2021. Headquartered in Sonoma County, the Bank specializes in providing exceptional customer service and customized financial solutions to aid in the success of local small businesses and nonprofits throughout Sonoma County.

Summit State Bank is committed to embracing the diverse backgrounds, cultures, and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. At the center of diversity is inclusion, collaboration, and a shared vision for delivering superior service and results for shareholders. Presently, 65% of management are women and minorities with 60% represented on the Executive Management Team. Through the engagement of its team, Summit State Bank has received many esteemed awards including Best Business Bank, Best Places to Work in the North Bay, Top Community Bank Loan Producer, Raymond James Bankers Cup, and Super Premier Performing Bank. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.

Brian Reed
President and CEO
Summit State Bank
500 Bicentennial Way
Santa Rosa, CA 95406
(707) 568-4908
breed@summitstatebank.com

FAQ

What is the significance of Belinda Guadarrama's appointment to Summit State Bank's board on October 28, 2021?

Belinda Guadarrama's appointment to Summit State Bank's board is significant due to her strong background in supporting small and minority businesses, potentially enhancing the bank's community relationships and reputation.

What awards has Belinda Guadarrama received prior to joining Summit State Bank's board?

Belinda Guadarrama has received several awards, including California State Small Business Person of the Year and Hispanic Business Woman of the Year, recognizing her contributions to small business advocacy.

How does Summit State Bank plan to benefit from Belinda Guadarrama's experience?

Summit State Bank aims to leverage Belinda Guadarrama's extensive experience in small business advocacy and community service to strengthen its commitment to exceptional customer service and community involvement.

What is Summit State Bank's financial status as of September 30, 2021?

As of September 30, 2021, Summit State Bank reported total assets of $923 million and total equity of $82 million.

How diverse is Summit State Bank's management team?

Summit State Bank's management team is diverse, with 65% of management positions held by women and minorities, fostering inclusivity and better service delivery.