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Summit Bank Posts First Profitable Quarter

January 20, 2006

Eugene, Ore. – Summit Bank completed its second fiscal year of operations on December 31. The Bank received its charter and began operations in February of 2004 as Eugene/Springfield’s first new bank in more than two decades.

2005 was very successful for the Bank. Summit’s assets at year-end were $52.4 million, an increase of $29.4 million or 128% over the previous year. Loan production was strong with growth of $21.4 million or 163%. Deposits grew at an even faster pace with growth over the previous year of $28 million or 196%.

The Bank reached profitability three months earlier than anticipated in its original charter application, posting monthly profit in August 2005 and net income for the 4^th quarter of 2005 of $32,000 or $0.033 per common share.