(Photo above: Gary O’Connell)
Summit Bank announced that the board of directors unanimously approved a $2 million offering of common stock at $15 per share. The additional capital will support growth in both the Eugene – Springfield market area as well as our new Central Oregon market area. The Offering will be available to all shareholders and the general public as of June 1, 2015 and is expected to close at 5pm on July 27, 2015.
Summit Bank announced it has hired Gary O’Connell as its Central Oregon Region – Market president. O’Connell has been a commercial banker in Bend for 15 years and was most recently serving as a senior vice president – Commercial Banking Team Leader. O’Connell has a finance degree from the University of Portland and is a graduate of the Pacific Coast Banking School at the University of Washington.
“Gary embodies our culture of working closely with clients and caring about the community,” said Craig Wanichek, president and chief executive officer. “We are off to a great start, the responses from the business community has been very strong.”
“I am very excited to be joining the Summit Bank team,” said O’Connell. “They are committed to being flexible, responsive and aligned with the clients’ goals. We look forward to the opportunity to become a major participant in the Central Oregon market.”
Summit recently purchased a bank office at 560 Columbia in Bend.
The office located on the corner of Colorado and Columbia is currently being remodeled. With this expansion, Summit Bank also plans to add up to two additional board members from the Bend area. The office will focus on serving professionals and community-based businesses. It will be a full-service commercial bank operation; accepting deposits, providing commercial, personal, and SBA loans, as well as operating a drive-through window.
Additionally, Independent Banker, the nation’s number-one source for community banking news, recognized Summit Bank as an Independent Community Bankers of America top performer in its May issue. Summit’s recognition is based on its earnings and operational efficiencies throughout 2014. As part of its annual performance rankings of ICBA member institutions, Independent Banker pulled year-end FDIC call report earnings data to identify the top 25 community banks in six asset-size categories.
“This coupled with our recognition earlier this year of being the 14th best performing community bank in the country for 2014, by SNL Financial, is a credit to our loyal local clients and dedicated colleagues,” said Wanichek. SNL ranked nearly 4,000 community banks up to $500 million in assets using six core financial performance metrics that focus on profitability, asset quality and growth for the 12-month period ended Dec. 31, 2014.
Summit Bank specializes in providing high-level banking services to professionals and community-based businesses and their owners. Summit Bank has offices in Eugene and Bend. Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO.
The Offering Circular contains important details and disclosures regarding the offering, and may be accessed via Summit’s website www.summitbankonline.com/investor-relations/press-releases
