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Summit Bank Q4 2007 Earnings Release

January 15, 2008

While the nation’s largest banks report
earnings declines and shortages in liquidity, Summit Bank posted a record year in 2007. Deposits grew by 19 percent and loans by 15 percent over 2006. “Income before taxes in 2007 increased 83 percent from the previous year to $694,640, while total assets grew to $89.7 million,” according to Ann Marie Mehlum, Summit’s president and CEO. Mehlum also reported that the Bank has no direct or indirect subprime mortgage loan risk.
“The bank serves professionals and businesses, including their owners, with state-of-the art banking and cash management tools customized to meet each client’s specific needs,” Mehlum said. “Summit’s success comes primarily from following our mission: to ensure that our clients thrive. Essentially, when our clients are successful, so are we. Our dedicated and talented local Board of Directors and an expert and responsive staff are key to our ability to attract and serve some of the area’s premier professionals and businesses.”
Summit Bank is owned by more than 300 local shareholders who invested in the Bank’s stock prior to its opening in early 2004. At that time Summit’s Board believed there was demand for a new locally owned and managed bank that offered peer-to-peer banking services.
“Given the Bank’s financial performance since it opened, it appears the founders were correct in their assessment,” said Board Chair Gretchen Pierce. “Even though there is competition for deposits and loans, many businesspeople want to bank with a locally owned and focused bank that listens and responds to them. That’s what Summit delivers, which has resulted in our continued growth.”
Summit Bank is quoted on the NASDAQ Over-the-Counter Bulletin Board as SBKO. The bank received its charter and began operations in February 2004 as Eugene/Springfield’s first new bank in more than 25 years. The bank’s headquarters in downtown Eugene is at 96 E. Broadway.