Summit Bank Corporation Announces Quarterly Dividend
August 03 2006 - 6:00PM
Business Wire
Summit Bank Corporation (Nasdaq: SBGA) announced a quarterly
dividend of $.10 per share payable to all shareholders of record on
August 21, 2006, to be paid on August 31, 2006. Summit recently
announced second quarter 2006 earnings of $1.68 million, or $0.24
diluted earnings per share, compared to $1.35 million, or $0.24
diluted earnings per share, for the second quarter of 2005.
Summit's earnings resulted in a second quarter 2006 return on
average shareholders' equity of 11.88% compared to 15.58% for the
same period last year. The decline in return on shareholders'
equity from last year is attributable to the $20.3 million of
additional capital raised from Summit's common stock offering
earlier this year. Total assets were $656.7 million at June 30,
2006, up 24.4% over the $528.0 million at June 30, 2005, primarily
due to the acquisition of Concord Bank, N.A. (Concord) in Houston,
Texas on April 1, 2006. Concord had approximately $120 million in
assets, $96 million in loans and $108 million in deposits at the
closing date. Summit Bank Corporation is the parent company of The
Summit National Bank, a nationally chartered full-service community
bank specializing in the small business and international trade
finance markets. It currently operates five branches in the
metropolitan Atlanta area and two in the South Bay area of San
Francisco, California. Concord now operates as a division of The
Summit National Bank in one location in Houston, Texas. The Summit
National Bank also operates a loan production office in San Diego,
California and a representative office in Shanghai, China. Summit
Bank Corporation stock is listed on the Nasdaq National Market
under the symbol SBGA.
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