Summit Bank (NASDAQ:SBGA)
Historical Stock Chart
From Jul 2019 to Jul 2024
Summit Bank Corporation (NASDAQ: SBGA) ("Summit")
announced today that it has begun talks with an international search
firm to assist in selecting a successor to Chief Executive Officer Pin
Pin Chau, whose retirement is scheduled to take place in the first
half of 2007. Carl Patrick, Chairman of the Board, said, "The Board is
intent on ensuring a smooth transition of leadership and for this
reason we have commenced the recruitment search more than a year in
advance of Pin Pin's retirement. Pin Pin is an extraordinary woman who
has worked tirelessly to put Summit well on its path to achieve our
goal of becoming the premier bank for owner-managed businesses. I am
confident that, with her help, we will find a successor who will
continue to embrace our collective vision and take us to the next
level."
Summit's board of directors has formed a succession committee,
and, as a member of that committee, Ms. Chau will participate in the
selection process. She will remain in her present position until the
transition process for her successor is complete.
Reflecting on her future plans, Mrs. Chau said, "My focus for this
year will be to continue to give my very best to Summit so that I can
have the satisfaction of leaving the organization I have come to love
for more than a decade in the best shape it has ever been. I hope that
after that, I would have the time I never seem to have for other
priorities in my life. Summit is and will be in good hands because we
have a cohesive management team, a vigorous board of directors, and
employees who find it meaningful to live out our shared vision and
mission on a daily basis."
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 also opened a loan production office in San Diego, California
in January, 2006. Summit recently received approval from the Office of
the Comptroller of the Currency (OCC) for 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 or early in the
second quarter of 2006.
Summit Bank Corporation stock is listed on the Nasdaq National
Market under the symbol SBGA.
This release contains certain forward-looking statements including
statements relating to present or future trends or factors generally
affecting the banking industry and specifically affecting Summit's
operations, markets and products. Without limiting the foregoing, the
words "believes," "anticipates," "intends," "expects" or similar
expressions are intended to identify forward-looking statements. These
forward-looking statements involve certain risks and uncertainties.
Actual results could differ materially from those projected for many
reasons, including, without limitation, changing events and trends
that have influenced Summit's assumptions, but that are beyond
Summit's control. These trends and events include (i) potential
difficulties in identifying, recruiting or retaining a new chief
executive officer; (ii) changes in the interest rate environment that
may reduce margins, (ii) potential difficulties in completing or
integrating the acquisition of Concord Bank, N.A. or otherwise not
achieving expected growth, (iii) less favorable than anticipated
changes in the national and local business environment and securities
markets, (iv) adverse changes in regulatory requirements affecting
Summit, (v) greater competitive pressures among financial institutions
in Summit's markets and (vi) greater loan losses than historic levels.
Additional information and other factors that could affect future
financial results are included in Summit's filings with the Securities
and Exchange Commission.