Summit Bank (NASDAQ:SBGA)
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From May 2019 to May 2024
Summit Bank Corporation (NASDAQ:SBGA) announced today
the completion of its acquisition of Concord Bank, N.A., a bank
headquartered in Houston, Texas with assets of $116 million at
December 31, 2005. Concord Bank, N.A. merged with and into The Summit
National Bank on April 1, 2006 and will be operated as a division of
The Summit National Bank under Concord Bank's existing brand name. The
consideration paid in the acquisition was $23.7 million in cash.
With the acquisition of Concord Bank, The Summit National Bank
will have approximately $650 million in assets and will operate 8
branch locations in three dynamic growth markets of Asian population
and small business formation in Atlanta, the San Francisco South Bay
area and Houston.
"We are excited to have the customers, executive management team
and employees of Concord Bank join the Summit family," said Pin Pin
Chau, President and CEO of Summit. "Our compatible values and strong
financial performance are a perfect fit. With the acquisition of
Concord Bank, we will be creating a stronger institution and we
anticipate a smooth integration for our customers."
"I could not be more pleased that Concord and Summit are joining
forces," said Ning Weng, Chairman and CEO of Concord Bank, N.A.
"Concord will be able to offer its customers an expanded range of
products and services. We truly believe that this merger will best
serve the interests of customers and employees. We fully expect that
the integration of Concord into a much bigger and stronger Summit
family will prove to be a seamless transition." Mr. Weng will join
Summit as President and CEO of the Concord Bank, a division of The
Summit National Bank in Texas.
Headquartered in Atlanta, Georgia, Summit currently has five
banking offices and one limited service branch in Atlanta. It has two
branches in the South Bay, California area located in San Jose and
Fremont, a loan production office in San Diego, California and a
Representative Office in Shanghai, China. The acquisition of Concord
Bank will provide an office in Houston, Texas.
Summit Bank Corporation provides a full range of commercial
banking services through its wholly owned subsidiary, The Summit
National Bank. Summit specializes in commercial banking services for
small to mid-sized businesses, as well as international trade finance
for businesses of all sizes. Summit is a leading commercial bank in
numerous ethnic communities within the Atlanta market, serving Asian
Indian, Chinese, German, Korean, Latin American and Vietnamese
markets, among others. Summit serves a similar customer base in
northern California and Houston, Texas and assists domestic customers
in international trade with China through its Representative Office in
Shanghai. Summit Bank Corporation lists its common stock on The Nasdaq
Stock Market under the trading symbol "SBGA" For more information on
Summit, visit www.summitbk.com.
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
This release contains 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 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) changes in the interest rate
environment which may reduce margins, (ii) not achieving expected
growth, (iii) less favorable than anticipated changes in the
international, national and local business environments and securities
markets, (iv) adverse changes in the regulatory requirements affecting
Summit, (v) greater competitive pressures among financial institutions
in Summit's markets, (vi) greater loan losses than historic levels,
(vii) difficulties in integrating the operations of The Summit
National Bank and Concord Bank after the merger, (viii) the potential
loss of Concord Bank customers and employees following the merger, and
(ix) difficulties in expanding our banking operations into a new
geographic market . Additional information and other factors that
could affect future financial results are included in Summit's filings
with the Securities and Exchange Commission.
All written or oral forward-looking statements are expressly
qualified in their entirety by these cautionary statements. Please
also read the additional risks and factors described from time to time
in reports and registration statements filed with the Securities and
Exchange Commission. Summit Bank Corporation undertakes no obligation
to update these forward-looking statements to reflect events or
circumstances that occur after the date on which such statements were
made.