Summit Bank Corporation Announces CEO Succession Plan
March 03 2006 - 7:45AM
Business Wire
Summit Bank Corporation (NASDAQ: SBGA) ("Summit") announced today
that it has begun talks with an international search firm to assist
in selecting a successor to Chief Executive Officer Pin Pin Chau,
whose retirement is scheduled to take place in the first half of
2007. Carl Patrick, Chairman of the Board, said, "The Board is
intent on ensuring a smooth transition of leadership and for this
reason we have commenced the recruitment search more than a year in
advance of Pin Pin's retirement. Pin Pin is an extraordinary woman
who has worked tirelessly to put Summit well on its path to achieve
our goal of becoming the premier bank for owner-managed businesses.
I am confident that, with her help, we will find a successor who
will continue to embrace our collective vision and take us to the
next level." Summit's board of directors has formed a succession
committee, and, as a member of that committee, Ms. Chau will
participate in the selection process. She will remain in her
present position until the transition process for her successor is
complete. Reflecting on her future plans, Mrs. Chau said, "My focus
for this year will be to continue to give my very best to Summit so
that I can have the satisfaction of leaving the organization I have
come to love for more than a decade in the best shape it has ever
been. I hope that after that, I would have the time I never seem to
have for other priorities in my life. Summit is and will be in good
hands because we have a cohesive management team, a vigorous board
of directors, and employees who find it meaningful to live out our
shared vision and mission on a daily basis." 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. Summit also opened a loan production office in San Diego,
California in January, 2006. Summit recently received approval from
the Office of the Comptroller of the Currency (OCC) for the
acquisition of the $112 million asset Concord Bank, N.A. in
Houston, Texas. That transaction is expected to close near the end
of the first quarter or early in the second quarter of 2006. Summit
Bank Corporation stock is listed on the Nasdaq National Market
under the symbol SBGA. This release contains certain
forward-looking statements including statements relating to present
or future trends or factors generally affecting the banking
industry and specifically affecting Summit's operations, markets
and products. Without limiting the foregoing, the words "believes,"
"anticipates," "intends," "expects" or similar expressions are
intended to identify forward-looking statements. These
forward-looking statements involve certain risks and uncertainties.
Actual results could differ materially from those projected for
many reasons, including, without limitation, changing events and
trends that have influenced Summit's assumptions, but that are
beyond Summit's control. These trends and events include (i)
potential difficulties in identifying, recruiting or retaining a
new chief executive officer; (ii) changes in the interest rate
environment that may reduce margins, (ii) potential difficulties in
completing or integrating the acquisition of Concord Bank, N.A. or
otherwise not achieving expected growth, (iii) less favorable than
anticipated changes in the national and local business environment
and securities markets, (iv) adverse changes in regulatory
requirements affecting Summit, (v) greater competitive pressures
among financial institutions in Summit's markets and (vi) greater
loan losses than historic levels. Additional information and other
factors that could affect future financial results are included in
Summit's filings with the Securities and Exchange Commission.
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