Summit Bank Corporation Announces Quarterly Dividend
May 03 2005 - 8:01AM
Business Wire
Summit Bank Corporation (Nasdaq:SBGA) announced a quarterly
dividend of $.10 per share payable to all shareholders of record on
May 16, 2005, to be paid on May 26, 2005. Summit recently announced
quarterly earnings of $1,306,000 for the first quarter of 2005
compared to $1,321,000 for the same period in 2004. Earnings per
share (diluted) for the first quarters of both 2005 and 2004 were
$.23 (diluted). Summit's earnings resulted in a return on average
shareholders' equity of 15.1% in 2005 compared to 15.9% for the
three-month period of 2004. Total assets were $522 million at March
31, 2005, down 5% from year-end 2004, as a result of steps taken to
de-leverage the balance sheet. The Company's wholly-owned
subsidiary, The Summit National Bank, is an Atlanta-based community
bank with full-service operations in the metropolitan areas of
Atlanta, Georgia and the San Francisco Bay area of California, as
well as a representative office in Shanghai, China. The Summit
National Bank's niche specialties include international trade
finance, small business lending and service to various ethnic
markets, including Asian-American, European-American and
Latin-American businesses. Summit provides its diverse customer
base with a multi-lingual staff proficient in many languages.
Summit Bank Corporation stock is listed on the Nasdaq National
Market under the symbol SBGA.
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