Summit Bancshares, Inc. Announces an Increase in Cash Dividend and Payment Frequency Changed From Semi Annually to Quarterly

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01/27/2022 - 09:53 AM

OAKLAND, Calif.--(BUSINESS WIRE)-- The Board of Directors of Summit Bancshares Inc., at a meeting held on Jan 19, 2022, voted to change the frequency of Shareholder Dividends from semi-annual to quarterly and declared a quarterly cash dividend of $0.10 per share, an effective increase of $0.01 per share, payable on March 15, 2022, to holders of record as of the close of business on February 22, 2022.

The Board believes that projected interest rate increases will provide a sufficient increase to net income to allow for the increased dividend while continuing the bank’s history of superior ROA and ROE.

Summit Bancshares, Inc., (OTC Bulletin Board: SMAL) is the parent company of Summit Bank.