Summit Financial Group, Inc. Completes Acquisition of WinFirst Financial Corp. and Subsidiary, WinFirst Bank

Rhea-AI Summary

Summit Financial Group, Inc. (NASDAQ: SMMF) has completed the acquisition of WinFirst Financial Corp. and its subsidiary, WinFirst Bank, effective December 15, 2020. This strategic move enhances Summit's community banking footprint in Kentucky and aligns with its expansion goals. The WinFirst Bank branches will retain their branding until late-May 2021, after which they will transition to Summit Community Bank. Summit Financial, with assets totaling $3.1 billion, operates 43 banking locations across several states.

Positive

• Acquisition enhances market presence in Kentucky.
• Expected growth in customer base and revenue opportunities.

Negative

• None.

News Market Reaction – SMMF

+4.12%

+4.12% Session move

In the trading session that priced this news, SMMF gained 4.12%, reflecting a moderate positive market reaction.

Data tracked by StockTitan Argus on the day of publication.

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MOOREFIELD, W.V., Dec. 15, 2020 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Summit”) (NASDAQ: SMMF) announces completion, effective December 15, 2020, of the acquisition by its subsidiary Summit Community Bank, Inc. of WinFirst Financial Corp. and its subsidiary, WinFirst Bank, headquartered in Winchester, Kentucky.

The former WinFirst Bank offices will continue to operate under that name until late-May 2021, after which they will operate under the name Summit Community Bank.

About Summit

Summit Financial Group, Inc. is a $3.1 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle, Southern and North Central regions of West Virginia, the Northern, Shenandoah Valley and Southwestern regions of Virginia and the central region of Kentucky, through its bank subsidiary, Summit Community Bank, Inc., which operates 43 banking locations.   

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

 

FAQ

What is the significance of Summit's acquisition of WinFirst Financial Corp.?

The acquisition allows Summit to expand its community banking services in Kentucky, increasing its market footprint.

When will WinFirst Bank branches rebrand to Summit Community Bank?

WinFirst Bank branches will continue under their current name until late-May 2021, after which they will adopt the Summit Community Bank name.

What is the value of the Summit Financial Group?

Summit Financial Group is valued at approximately $3.1 billion in total assets.

How many banking locations does Summit Community Bank operate?

Summit Community Bank operates a total of 43 banking locations across several regions.