Summit State Bank Declares Stock Split

SANTA ROSA, Calif., Feb. 09, 2017 -- Summit State Bank (Nasdaq:SSBI) today reported a five-for-four stock split declared for common shareholders. The record date for the stock split is February 28, 2017 and shares will be issued on or about March 14, 2017. Summit State Bank currently has 4,815,880 shares of common stock outstanding and will have approximately 6,019,000 shares after the new shares are issued.

“The Directors are pleased to reward our shareholders with the declaration of the five-for-four stock split,” said Allan Hemphill, Chairman of the Board of Directors.

About Summit State Bank

Summit State Bank, a local community bank, has total assets of $514 million and total equity of $59 million at December 31, 2016. Headquartered in Sonoma County, the Bank specializes in providing exceptional customer service and customized financial solutions to aid in the success of local small businesses and nonprofits throughout Sonoma County. 

Summit State Bank’s workforce resembles the diverse community it serves.  Presently, 80% of management are women and minorities with 40% represented on the Executive Management Team. Through the inclusion and engagement of its workforce, Summit State Bank has earned many prestigious awards including: Best Company to do Business with in Sonoma County; Best Places to Work in the North Bay; Super Performing Bank; and Top 75 Corporate Philanthropists in the San Francisco Bay. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.

Forward-looking Statements

Except for historical information contained herein, the statements contained in this news release, are forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank will be conducting its operations, including the real estate market in California and other factors beyond the Bank’s control.  Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated.  You should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof.  The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Contact: Jim Brush, President and CEO, Summit State Bank (707) 568-4920