Summit Financial Group, Inc. Completes Acquisition of PSB Holding Corp. and Subsidiary, Provident State Bank

Summit Financial Group (NASDAQ: SMMF) has successfully completed the acquisition of PSB Holding Corp. and its subsidiary, Provident State Bank, effective April 1, 2023.

Rhea-AI Summary

Summit Financial Group (NASDAQ: SMMF) has successfully completed the acquisition of PSB Holding Corp. and its subsidiary, Provident State Bank, effective April 1, 2023. The acquisition aims to enhance Summit's operational footprint and expand its market presence. Post-acquisition, the former Provident State Bank locations will retain their branding until late September 2023, after which they will transition to Summit Community Bank. This strategic move aligns with Summit's focus on commercial lending and retail financial services, leveraging its efficient operations and strong legacy locations in key markets.

Positive

• Acquisition enhances operational footprint and market presence.
• Former Provident State Bank branches will operate under Summit Community Bank, potentially increasing brand recognition.
• Strengthening of Summit's lending capabilities in dynamic markets.

Negative

• None.

Argus Session date unavailable

-1.49% session move Open Argus

Details

News Market Reaction – SMMF

The recorded move for SMMF in the trading session of this news was -1.49%.

Data tracked by StockTitan Argus. Session date unavailable.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

MOOREFIELD, W.Va., April 03, 2023 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Summit”) (NASDAQ: SMMF) announces completion, effective April 1, 2023, of the acquisition of PSB Holding Corp. and its subsidiary, Provident State Bank, Inc., headquartered in Preston, Maryland.

The former Provident State Bank offices will continue to operate under that name until late-September 2023, after which they will operate under the name Summit Community Bank.

About Summit

Summit Financial Group, Inc. is the $4.5 billion financial holding company for Summit Community Bank, Inc. Its talented bankers serve commercial and individual clients throughout West Virginia, the Washington, D.C. metropolitan area, Virginia, Kentucky, Eastern Shore of Maryland and Delaware. Summit’s focus on in-market commercial lending and providing other business banking services in dynamic markets is designed to leverage its highly efficient operations and core deposits in strong legacy locations. Residential and consumer lending, trust and wealth management, and other retail financial services are offered through convenient digital and mobile banking platforms, including MySummitBank.com and 53 full-service branch locations. More information on Summit Financial Group, Inc. (NASDAQ: SMMF), headquartered in West Virginia’s Eastern Panhandle in Moorefield, is available at SummitFGI.com.

Contact:		Robert S. Tissue, Executive Vice President & CFO
Telephone:		(304) 530-0552
Email:		rtissue@summitfgi.com

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What is the date of Summit Financial Group's acquisition of PSB Holding Corp.?

The acquisition by Summit Financial Group of PSB Holding Corp. was completed on April 1, 2023.

What will happen to the Provident State Bank brand after the acquisition?

The Provident State Bank brand will continue until late September 2023, after which it will be rebranded as Summit Community Bank.

How does the acquisition affect Summit Financial Group's market strategy?

The acquisition is intended to enhance Summit's operational footprint and strengthen its focus on commercial lending in dynamic markets.

What is the significance of this acquisition for Summit Financial Group?

This acquisition is strategically important as it allows Summit to expand its presence in key markets and enhance its lending capabilities.