Summit Bank Corp., which declared a dividend of nine cents per share to all shareholders of record last week, has generated more than $16 million in deposits at offices opened in Peachtree Corners and Marietta in 1996.
David Yu, president, said that these deposits will “pave the way for Summit to expand further into these new small business market areas.”
Summit reported strong second quarter net earnings of $658,000 compared to $466,000 for the same period last year. Net earnings per share for the quarter ended June 30, were 40 cents compared to 28 cents last year, an increase of 43%.
The improvement was attributed to stronger net interest income resulting from asset growth during the last twelve months.
Summit Bank Corp. is the parent company of The Summit National Bank, a nationally chartered full-service community bank specializing in small business and international markets. It operates five branches in metro Atlanta.
For more information, call Gary McClung at (770) 454-0400.