Summit Community Bank Merger Includes Highland and Preston Banks

The merger between Summit Community Bank and Highland Bank is a significant development in the banking industry.

The merger will create a stronger bank with a larger customer base and more resources to offer better services.

Highland Bank has a long history in the community, dating back to 1922.

The merger will bring together the strengths of both banks, creating a more robust financial institution.

Preston Bank, another bank involved in the merger, has a strong presence in the region.

Summit Community Bank has a history of expanding its operations through strategic acquisitions. Summit Financial Group, the parent company of Summit Community Bank, acquired Highland County Bankshares Inc. in a deal that was completed on a Saturday. This acquisition added two more branches to Summit's existing locations in Virginia and West Virginia.

Summit Community Bank has a significant presence in the region, with 15 locations in Virginia and West Virginia. The bank also operates in Washington, D.C., Virginia, and Kentucky, with a total of 44 branches. The acquisition of Highland County Bankshares Inc. was a key step in Summit's expansion plans.

The merger between Summit Community Bank and Provident State Bank will bring together 10 new branches from PSB, adding to Summit's existing network. This transaction represents a significant expansion of Summit's community banking footprint, particularly in the Eastern Shore of Maryland and Delaware.

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Summit Financial Group's subsidiary, Summit Community Bank, has completed its acquisition of Highland County Bankshares Inc.

The acquisition includes First and Citizens Bank, which will continue to operate under its current name until December 5, when it will open as a Summit Community Bank branch.

Summit Financial Group is based in Moorefield, West Virginia, and now operates 15 Summit Community Bank locations in Virginia and West Virginia, including two in Harrisonburg.

The acquisition was completed on Saturday, according to a news release from Summit Financial Group.

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Provident State Bank will soon be known as Summit Community Bank after signing a definitive merger agreement with Summit Financial Group Inc. based in Mooreville, West Virginia.

The merger will provide expanded products and services to customers, according to Provident State Bank President and CEO Melissa Quirk. Quirk said the combination will be beneficial to all customers.

PSB has 10 branches which will be added to Summit's 44 branches. Summit Community Bank currently operates in West Virginia, Washington, D.C., Virginia, and Kentucky.

Subject to the terms of the merger agreement, PSB shareholders will receive 1.2347 shares of Summit common stock for each outstanding share of PSB common stock. This equates to $35.00 per PSB common share and an aggregate transaction value of approximately $53.9 million.

The combined company would have had approximate total assets of $4.5 billion, gross loans of $3.5 billion, and deposits of $3.6 billion as of September 30, 2022.

PSB stock is not publicly traded, but their shares will become part of Summit's publicly traded stock known as SMMF on the NASDAQ stock exchange.

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