Summit State Bank Comments on Big Poppy Bancorp, Inc.’s Federal Reserve Application

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07/27/2023 - 09:00 AM EDT

SANTA ROSA, Calif., July 27, 2023 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq: SSBI) (“Summit”) announced today that it is aware that Big Poppy Holdings, Inc. (“Poppy”) has published a notice stating that it holds 332,464 shares of Summit’s common stock, which is approximately 4.9% of the outstanding shares, and that it intends to file an application with the Federal Reserve Board to acquire up to 24.99% of Summit’s common stock. Poppy is the holding company for Poppy Bank, which is headquartered in Santa Rosa, California.

Summit State Bank’s Board of Directors will review Poppy’s application and may comment on or respond to the application in due course.

About Summit State Bank

Founded in 1982 and headquartered in Sonoma County, Summit State Bank (Nasdaq: SSBI), is an award-winning community bank servicing the North Bay. Summit serves small businesses, nonprofits, and the community, with total assets of $1,161 million and total equity of $94 million at June 30, 2023. Summit has built its reputation over the past 40 years by specializing in providing exceptional customer service and customized financial solutions to aid in the success of its customers.

Summit State Bank is dedicated to investing in and celebrating the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. Summit has been consistently recognized for its achievements and has been awarded Best Places to Work in the North Bay, Top Community Bank Loan Producer, Raymond James Bankers Cup, Super Premier Performing Bank, the Piper Sandler SM-ALL Star Award, and the Independent Community Bankers of America’s Best-Performing Community Banks. For more information, visit www.summitstatebank.com.

Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908