Summit Financial Group, Inc. Announces Termination of Holding Company MOU
February 27 2015 - 6:00AM
Summit Financial Group, Inc. ("Summit" or "Company") announced
today that the Federal Reserve Bank of Richmond and the West
Virginia Division of Financial Institutions have terminated their
informal memorandum of understanding with Summit entered into on
November 6, 2009 (the "Holding Company MOU"). The Company
previously announced on November 26, 2014 that the West Virginia
Division of Financial Institutions and the Federal Deposit
Insurance Corporation had terminated their informal memorandum of
understanding with Summit Community Bank, Inc. entered into on
September 24, 2009 (the "Bank MOU").
"We are pleased that our regulators have acknowledged the
significant improvements we have accomplished," said H. Charles
Maddy, III, President and Chief Executive Officer of Summit.
"Summit has now largely recovered from the impact of the effects of
the economic downturn of the last decade. Our earnings
improvements, growing loan portfolio, increasing revenues, improved
net interest earnings, strengthened capital, reductions in our
portfolio of problem assets and the recent lifting of Holding
Company and Bank MOUs, all serve as evidence of our recovery."
About the Company
Summit Financial Group, Inc. is a $1.44 billion financial
holding company headquartered in Moorefield, West Virginia. Summit
provides community banking services primarily in the Eastern
Panhandle and South Central regions of West Virginia and the
Northern and Shenandoah Valley regions of Virginia, through its
bank subsidiary, Summit Community Bank, Inc., which operates
fifteen banking locations. Summit also operates Summit Insurance
Services, LLC in Moorefield, West Virginia and Leesburg,
Virginia.
FORWARD-LOOKING STATEMENTS
This press release contains comments or information that
constitute forward-looking statements (within the meaning of the
Private Securities Litigation Act of 1995) that are based on
current expectations that involve a number of risks and
uncertainties. Words such as "expects", "anticipates", "believes",
"estimates" and other similar expressions or future or conditional
verbs such as "will", "should", "would" and "could" are intended to
identify such forward-looking statements.
Although we believe the expectations reflected in such
forward-looking statements are reasonable, actual results may
differ materially. Factors that might cause such a difference
include our ability to consummate, and the results of, the private
placement and rights offering; changes in the financial and
securities markets, including changes with respect to the market
value of our financial assets; economic and political conditions,
especially in the Eastern Panhandle and South Central regions of
West Virginia and the Northern and Shenandoah Valley regions of
Virginia; real estate prices and sales in the Company's markets;
changes in interest rates and interest rate relationships; demand
for products and services; the degree of competition by traditional
and non-traditional competitors; changes in banking laws and
regulations; changes in tax laws; the impact of technological
advances; the outcomes of contingencies; trends in customer
behavior as well as their ability to repay loans; and changes in
the national and local economies. Investors are cautioned not to
place undue reliance on forward-looking statements, which speak
only as of the date hereof. We undertake no obligation to revise
these statements following the date of this press release.
Additional information regarding risk factors can be found in the
Company's filings with the Securities and Exchange Commission.
CONTACT: Robert S. Tissue, Sr. Vice President & Chief Financial Officer
Telephone: (304) 530-0552
Email: rtissue@summitfgi.com
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