Summit Financial Group, Inc. Announces Sale of Summit Insurance Services
03 May 2019 - 8:00PM
Summit Financial Group, Inc. (“Summit”) (NASDAQ: SMMF) today
announces the sale of its insurance agency, Summit Insurance
Services (“SIS”) to The Hilb Group (“THG”), effective May 1,
2019. As result of the sale, Summit expects to record an
estimated pre-tax gain of $2.06 million in its results of
operations for second quarter 2019 and recognize an approximate
$0.55 per share increase in its tangible book value per share in
the same period.
Clients of SIS will not see any disruption in service and can
expect to soon benefit from an expanded line of insurance products
and services. THG is a leading middle market insurance agency
headquartered in Richmond, Virginia. THG has 75 offices in 18
states and is among the 30 largest insurance agencies in the United
States. THG will continue to employ all of SIS’ insurance
professionals, and in the near term, will continue to do business
under the “Summit Insurance Services” name as well as continue to
occupy its present offices in Leesburg, Virginia and Moorefield,
West Virginia.
ABOUT THE COMPANY
Summit Financial Group, Inc. is a $2.25 billion financial
holding company headquartered in Moorefield, West Virginia. Summit
provides community banking services primarily in the Eastern
Panhandle and Southern regions of West Virginia and the Northern,
Shenandoah Valley and Southwestern regions of Virginia, through its
bank subsidiary, Summit Community Bank, Inc., which operates
thirty-three banking locations.
FORWARD-LOOKING STATEMENTS
This press release contains comments or information that
constitute forward-looking statements (within the meaning of the
Private Securities Litigation Act of 1995) that are based on
current expectations that involve a number of risks and
uncertainties. Words such as “expects”, “anticipates”, “believes”,
“estimates” and other similar expressions or future or conditional
verbs such as “will”, “should”, “would” and “could” are intended to
identify such forward-looking statements.
Although we believe the expectations reflected in such
forward-looking statements are reasonable, actual results may
differ materially. Factors that might cause such a difference
include changes in interest rates and interest rate relationships;
demand for products and services; the degree of competition by
traditional and non-traditional competitors; changes in banking
laws and regulations; changes in tax laws; the impact of
technological advances; the outcomes of contingencies; trends in
customer behavior as well as their ability to repay loans; and
changes in the national and local economies. We undertake no
obligation to revise these statements following the date of this
press release.
Contact:
Robert S. Tissue, Sr. Vice President &
CFOTelephone: (304)
530-0552
Email: rtissue@summitfgi.com
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