Summit State Bank Promotes Michael Castlio to Executive Vice President

Rhea-AI Summary

Summit State Bank (NASDAQ: SSBI) announces the promotion of Michael Castlio to Executive Vice President, emphasizing his 27 years of banking experience and prior roles including Chief Credit Officer. He has been instrumental in managing Credit Administration during a period of significant loan growth. The bank, headquartered in Sonoma County, reports total assets of $834 million and equity of $73 million as of September 30, 2020. Summit State Bank is dedicated to supporting local small businesses and nonprofits, with a management team that is 74% women and minorities.

Positive

• Michael Castlio's promotion reflects the bank's strong leadership amid significant loan growth.
• Total assets at Summit State Bank stand at $834 million, indicating financial stability.
• The bank's commitment to small businesses and nonprofits showcases community engagement.

Negative

• None.

SANTA ROSA, Calif., Jan. 06, 2021 (GLOBE NEWSWIRE) -- Brian Reed, President and Chief Executive Officer of Summit State Bank (NASDAQ: SSBI) has announced the promotion of Michael Castlio as its newest Executive Vice President.

“We are fortunate to have Michael leading Credit Administration. With more than 27 years of banking experience, Michael’s expertise plays an important role at a time when we are experiencing significant loan growth. In 2019, he assumed primary responsibility for Credit Administration culminating in him being named Chief Credit Officer. We are well positioned to assist in the revitalization and stabilization of the small businesses and nonprofits in our community now and well into the future,” said Brian Reed, President and CEO of Summit State Bank.

Prior to joining Summit State Bank in 2018 as the Bank’s Underwriting Manager, he worked for another Santa Rosa based bank as Credit Manager. He earned his Bachelor of Science degree from San Jose State University (SJSU), with a concentration in Finance. At SJSU, Michael served as Vice President and then President of the Financial Management Association and was given the award for Outstanding Student in Finance by Robert Morris & Associates, now the Risk Management Association (RMA).

Before moving to Santa Rosa, Michael was involved in his son’s soccer program serving as Team Manager and on tournament committees for the Folsom Soccer Club.

About Summit State Bank

Summit State Bank, a local community bank, has total assets of $834 million and total equity of $73 million at September 30, 2020. 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, 74% 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, Corporate Philanthropy Award and Best Places to Work in the North Bay. 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
PO Box 6188
Santa Rosa, CA 95406
(707) 568-4908
breed@summitstatebank.com

FAQ

What is the significance of Michael Castlio's promotion at Summit State Bank (SSBI)?

Michael Castlio's promotion to Executive Vice President is significant as it underscores his extensive banking experience and leadership during a period of substantial loan growth.

What are the total assets and equity of Summit State Bank as of September 2020?

As of September 30, 2020, Summit State Bank reported total assets of $834 million and total equity of $73 million.

How does Summit State Bank support local businesses and nonprofits?

Summit State Bank is committed to providing customized financial solutions that aid in the success of local small businesses and nonprofits throughout Sonoma County.

What percentage of Summit State Bank's management team is comprised of women and minorities?

74% of Summit State Bank's management team consists of women and minorities, with 60% representation on the Executive Management Team.