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. 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.
- 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.
- None.
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
Contact: | Robert S. Tissue, Executive Vice President & CFO | |
Telephone: | (304) 530-0552 | |
Email: | rtissue@summitfgi.com |
FAQ
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