Summit Bank Corporation Prices Public Offering of Common Stock
March 28 2006 - 7:00AM
Business Wire
Summit Bank Corporation (NASDAQ:SBGA) today announced the sale of
1,250,000 shares of its common stock at an offering price of $15.25
per share through a firm commitment underwritten offering. Keefe,
Bruyette & Woods acted as the sole underwriter and book-running
manager for the offering. The Company has granted the underwriter
an option exercisable within 30 days to purchase up to an
additional 187,500 shares to cover over-allotments. The offering is
scheduled to close on Friday, March 31, 2006, subject to customary
closing conditions contained in the underwriting agreement entered
into between the parties. A registration statement relating to
these securities has been filed with, and declared effective by,
the Securities and Exchange Commission. This announcement shall not
constitute an offer to sell or the solicitation of an offer to buy,
nor shall there be any sale of these securities in any jurisdiction
in which such offer, solicitation or sale would be unlawful, prior
to registration or qualification under the securities laws of such
jurisdiction. Copies of the prospectus relating to this offering
may be obtained from Keefe, Bruyette & Woods, Inc., 787 Seventh
Avenue, 4th Floor, New York, NY 10019, Attention: Syndicate
Department. Summit'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
announced the acquisition of the $116 million asset Concord Bank N.
A. in Houston, Texas. That transaction is expected to close on or
about April 1, 2006. 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. 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)
changes in the interest rate environment that may reduce margins,
(ii) potential difficulties in completing or integrating the
acquisition of Concord Bank 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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