Summit State Bank Welcomes Douglas V. Reynolds, President and Chief Executive Officer of Energy Services of America, to Board of Directors

Rhea-AI Summary

Summit State Bank (NASDAQ: SSBI) has appointed Douglas Reynolds to its Board of Directors following the bank's annual meeting on May 23, 2022. Reynolds brings significant management experience, serving as President and CEO of Energy Services of America and as an attorney. His extensive knowledge of the banking industry is seen as an asset to the board. As of March 31, 2022, the bank reported total assets of $981 million and total equity of $84 million, highlighting its commitment to providing exceptional customer service to local businesses and nonprofits.

Positive

• Douglas Reynolds' extensive management experience may enhance board effectiveness.
• Reynolds' banking industry knowledge is beneficial for strategic decisions.

Negative

• None.

SANTA ROSA, Calif., June 13, 2022 (GLOBE NEWSWIRE) -- Summit State Bank (NASDAQ: SSBI) welcomes Douglas Reynolds to its Board of Directors. Mr. Reynolds was elected to the Board of Directors at the bank’s annual meeting of shareholders held on May 23, 2022.

“We are pleased to welcome Mr. Reynolds as a director. Douglas’ vast experience in managing several businesses in a senior management role makes him an ideal addition to the Board of Directors,” stated James E. Brush, Chairman of the Board.

Currently, Mr. Reynolds is an attorney for Reynolds & Brown, PPLC. He is the President and Chief Executive Officer of Energy Services of America, where he has also served as a director since 2008. He also serves as the President of the Transylvania Corporation and a director of The Harrah and Reynolds Corporation and Premier Financial Bancorp, Inc. Douglas is a graduate of Duke University and holds a law degree from West Virginia University. He is also the son of director Marshall T. Reynolds. His knowledge of the banking industry further solidifies his appointment to the Board.

About Summit State Bank
Summit State Bank, a local community bank, has total assets of $981 million and total equity of $84 million at March 31, 2022. 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 to customers and results for shareholders. Presently, 64% 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

Who is Douglas Reynolds in relation to Summit State Bank?

Douglas Reynolds has been appointed to the Board of Directors of Summit State Bank as of May 23, 2022.

What experience does Douglas Reynolds bring to Summit State Bank?

Douglas Reynolds has vast management experience, serving as the President and CEO of Energy Services of America and as an attorney.

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

As of March 31, 2022, Summit State Bank reported total assets of $981 million and total equity of $84 million.

What is the significance of Douglas Reynolds' appointment for SSBI shareholders?

Reynolds' appointment may strengthen the leadership and strategic direction of Summit State Bank, potentially benefiting shareholders.