Summit Bank Corporation Announces Quarterly Dividend
February 03 2006 - 5:00PM
Business Wire
Summit Bank Corporation (Nasdaq: SBGA) announced a quarterly
dividend of $.10 per share payable to all shareholders of record on
February 14, 2006, to be paid on February 24, 2006. Summit recently
announced record annual earnings of $6.11 million, or $1.07 diluted
earnings per share, for 2005, compared to $5.15 million, or $0.91
diluted earnings per share, for 2004. Earnings for the fourth
quarter of 2005 were $1.87 million, or $0.33 diluted earnings per
share, compared to $1.20 million, or $0.22 diluted earnings per
share, for the fourth quarter last year. Summit's earnings resulted
in a return on average shareholders' equity of 17.36% in 2005
compared to 15.29% for 2004. Total assets were $526.3 million at
December 31, 2005, down from $547.7 million at the end of 2004. The
Company's wholly-owned subsidiary, The Summit National Bank, is an
Atlanta-based community bank with full-service operations in the
metropolitan areas of Atlanta, Georgia and the San Francisco Bay
area of California, as well as a representative office in Shanghai,
China. Summit recently announced the acquisition of the $112
million asset Concord Bank N. A. in Houston, Texas. That
transaction is expected to close near the end of the first quarter
of 2006. Summit also opened a loan production office in San Diego,
California in January, 2006. The Summit National Bank's niche
specialties include international trade finance, small business
lending and service to various ethnic markets, including
Asian-American, European-American and Latin-American businesses.
Summit provides its diverse customer base with a multi-lingual
staff proficient in many languages. Summit Bank Corporation stock
is listed on the Nasdaq National Market under the symbol SBGA.
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