Summit Bank Corporation Announces New Director and Executive Officer Retirement
28 June 2006 - 9:00AM
Business Wire
Summit Bank Corporation (NASDAQ:SBGA) today announced the election
of Ning Weng to its Board of Directors. Mr. Weng is the former
Chairman of the Board, President and Chief Executive Officer of
Concord Bank, N.A. in Houston, Texas which was acquired by Summit
on April 1, 2006. Mr. Weng's distinguished banking career spans 30
years. He was credited with transforming the former failing Asian
American National Bank into the strong performing Concord Bank
prior to the acquisition by Summit. He will continue to serve as
President and Chief Executive Officer of Concord Bank, now a
division of Summit National Bank. Summit also announced the
retirement of H.A. "Alec" Dudley, Jr., its Executive Vice President
and Chief Lending Officer effective June 30, 2006. Mr. Dudley has
served in that capacity for 15 years, and completes a banking
career spanning 35 years. Mr. Dudley stated, "Since I joined Summit
in 1991, I have enjoyed my critical role in our growth and my
rewarding relationships with our customers and my colleagues on the
Summit team." David Yu, Chairman of the Summit National Bank, will
assume responsibilities as Acting Chief Lending Officer until a
successor is identified for the lending functions and he will be
assisted by Vice President of Credit Administration, Tony Finelli.
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, two in the South Bay area of San Francisco,
California, and Concord Bank, a division of the Summit National
Bank in Houston, Texas. Summit also operates a loan production
office in San Diego, California and a representative office in
Shanghai, China. 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, a (vii) difficulties in integrating
the operations of Concord Bank, N.A. with those of Summit, and
(viii) difficulties in expanding into a new geographic market.
Additional information and other factors that could affect future
financial results are included in Summit's Annual Report on Form
10-K and its filings with the Securities and Exchange Commission.
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