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FDIC Approves Summit Bank Application

January 26, 2004

Eugene, Ore. – The Federal Deposit Insurance Corporation has approved Summit Bank’s application for FDIC Insurance, bringing the community bank one step closer to opening its doors in downtown Eugene.

This is the last regulatory hurdle for Summit and allows the Bank to open its doors when capital requirements are met. Summit Bank is nearing its minimum capital requirement of $7 million and still expects to raise the maximum amount of $10 million. “There’s still time to invest, but we’re getting close to being ready to open, after which there will only be a few weeks for investors who have already received offering circulars to subscribe” says Gretchen Pierce, Chairperson of the Summit Board of Directors, who encourages anyone still interested in this investment opportunity to get in touch with any of the founders or management.

Summit Bank is a locally owned community bank for Eugene/Springfield. The start-up is being created for and by business owners and professionals, with an emphasis on personalized customer service and a strong commitment to serve the local community.