SUMMIT BANK CORP. REPORTED LAST WEEK FIRST QUARTER 1996 EARNINGS OF $601,000, OR 38-CENTS PER SHARE, A 65% INCREASE FROM FIRST QUARTER 1995 EARNINGS OF $364,000, OR 24-CENTS PER SHARE.
NET INTEREST INCOME INCREASED $271,000 TO $1.7 MILLION, AN IMPROVEMENT OF 19% OVER THE COMPARABLE YEAR AGO PERIOD. TOTAL ASSETS GREW 7% SINCE YEAR END 1995 TO $139 MILLION, AN INCREASE OF 28% OVER THE LAST 12 MONTHS.
DEPOSITS ROSE 6% TO $116 MILLION SINCE YEAR END 1995, ALSO AN INCREASE OF 28% SINCE MARCH, 1995. DURING THE FIRST QUARTER, 1996 LOANS ADVANCED 3% TO $80.3 MILLION.
SUMMIT BANK CORP. IS PARENT OF SUMMIT NATIONAL BANK, A NATIONALLY CHARTERED FULL-SERVICE COMMUNITY BANK SPECIALIZING IN SMALL BUSINESS AND INTERNATIONAL MARKETS. FOR THE FOURTH CONSECUTIVE YEAR THE BANK SAID IT WAS RANKED AS THE MOST ACTIVE SBA LENDER IN GEORGIA. SUMMIT PLANS TO OPEN ITS FOURTH BANK BRANCH IN MAY AT 595 FRANKLIN RD., MARIETTA.