Summit Bank Corporation Announces Quarterly Dividend
01 Novembre 2006 - 12:00AM
Business Wire
Summit Bank Corporation (Nasdaq: SBGA) announced a quarterly
dividend of $.10 per share payable to all shareholders of record on
November 14, 2006, to be paid on November 24, 2006. Summit recently
announced third quarter 2006 earnings of $1.62 million, or $0.23
diluted earnings per share, compared to $1.58 million, or $0.27
diluted earnings per share, for the third quarter of 2005. Summit�s
earnings resulted in a third quarter 2006 return on average
shareholders� equity of 11.12% compared to 17.79% for the same
period last year. The decline in earnings per share and 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 $665.7 million at
September 30, 2006, up 24.6% over the $534.2 million at September
30, 2005, primarily due to the acquisition of Concord Bank, N.A.
(Concord) in Houston, Texas on April 1, 2006. On September 19, 2006
Summit announced that they had entered into a definitive agreement
with UCBH Holdings, Inc. (Nasdaq: UCBH) whereby UCBH would acquire
Summit for approximately $175.5 million. UCBH is the holding
company for United Commercial Bank, a $8.29 billion state chartered
bank headquartered in San Francisco, California. 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 representative office in Shanghai, China. Summit Bank Corporation
stock is listed on the Nasdaq National Market under the symbol
SBGA. Summit Bank Corporation (Nasdaq: SBGA) announced a quarterly
dividend of $.10 per share payable to all shareholders of record on
November 14, 2006, to be paid on November 24, 2006. Summit recently
announced third quarter 2006 earnings of $1.62 million, or $0.23
diluted earnings per share, compared to $1.58 million, or $0.27
diluted earnings per share, for the third quarter of 2005. Summit's
earnings resulted in a third quarter 2006 return on average
shareholders' equity of 11.12% compared to 17.79% for the same
period last year. The decline in earnings per share and 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 $665.7 million at
September 30, 2006, up 24.6% over the $534.2 million at September
30, 2005, primarily due to the acquisition of Concord Bank, N.A.
(Concord) in Houston, Texas on April 1, 2006. On September 19, 2006
Summit announced that they had entered into a definitive agreement
with UCBH Holdings, Inc. (Nasdaq: UCBH) whereby UCBH would acquire
Summit for approximately $175.5 million. UCBH is the holding
company for United Commercial Bank, a $8.29 billion state chartered
bank headquartered in San Francisco, California. 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 representative office in Shanghai, China. Summit Bank Corporation
stock is listed on the Nasdaq National Market under the symbol
SBGA.
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