Summit Bank Corporation Announces Completion of the Acquisition of Concord Bank, N.A., of Houston, Texas
03 Aprile 2006 - 1:00PM
Business Wire
Summit Bank Corporation (NASDAQ:SBGA) announced today the
completion of its acquisition of Concord Bank, N.A., a bank
headquartered in Houston, Texas with assets of $116 million at
December 31, 2005. Concord Bank, N.A. merged with and into The
Summit National Bank on April 1, 2006 and will be operated as a
division of The Summit National Bank under Concord Bank's existing
brand name. The consideration paid in the acquisition was $23.7
million in cash. With the acquisition of Concord Bank, The Summit
National Bank will have approximately $650 million in assets and
will operate 8 branch locations in three dynamic growth markets of
Asian population and small business formation in Atlanta, the San
Francisco South Bay area and Houston. "We are excited to have the
customers, executive management team and employees of Concord Bank
join the Summit family," said Pin Pin Chau, President and CEO of
Summit. "Our compatible values and strong financial performance are
a perfect fit. With the acquisition of Concord Bank, we will be
creating a stronger institution and we anticipate a smooth
integration for our customers." "I could not be more pleased that
Concord and Summit are joining forces," said Ning Weng, Chairman
and CEO of Concord Bank, N.A. "Concord will be able to offer its
customers an expanded range of products and services. We truly
believe that this merger will best serve the interests of customers
and employees. We fully expect that the integration of Concord into
a much bigger and stronger Summit family will prove to be a
seamless transition." Mr. Weng will join Summit as President and
CEO of the Concord Bank, a division of The Summit National Bank in
Texas. Headquartered in Atlanta, Georgia, Summit currently has five
banking offices and one limited service branch in Atlanta. It has
two branches in the South Bay, California area located in San Jose
and Fremont, a loan production office in San Diego, California and
a Representative Office in Shanghai, China. The acquisition of
Concord Bank will provide an office in Houston, Texas. Summit Bank
Corporation provides a full range of commercial banking services
through its wholly owned subsidiary, The Summit National Bank.
Summit specializes in commercial banking services for small to
mid-sized businesses, as well as international trade finance for
businesses of all sizes. Summit is a leading commercial bank in
numerous ethnic communities within the Atlanta market, serving
Asian Indian, Chinese, German, Korean, Latin American and
Vietnamese markets, among others. Summit serves a similar customer
base in northern California and Houston, Texas and assists domestic
customers in international trade with China through its
Representative Office in Shanghai. Summit Bank Corporation lists
its common stock on The Nasdaq Stock Market under the trading
symbol "SBGA" For more information on Summit, visit
www.summitbk.com. FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK
FACTORS This release contains 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 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 which may reduce margins, (ii) not achieving expected
growth, (iii) less favorable than anticipated changes in the
international, national and local business environments and
securities markets, (iv) adverse changes in the regulatory
requirements affecting Summit, (v) greater competitive pressures
among financial institutions in Summit's markets, (vi) greater loan
losses than historic levels, (vii) difficulties in integrating the
operations of The Summit National Bank and Concord Bank after the
merger, (viii) the potential loss of Concord Bank customers and
employees following the merger, and (ix) difficulties in expanding
our banking operations into a new geographic market . Additional
information and other factors that could affect future financial
results are included in Summit's filings with the Securities and
Exchange Commission. All written or oral forward-looking statements
are expressly qualified in their entirety by these cautionary
statements. Please also read the additional risks and factors
described from time to time in reports and registration statements
filed with the Securities and Exchange Commission. Summit Bank
Corporation undertakes no obligation to update these
forward-looking statements to reflect events or circumstances that
occur after the date on which such statements were made.
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