SANTA ROSA, Calif., Sept. 2, 2015 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today reported that it has redeemed all of the preferred stock issued under the Small Business Lending Fund of the U.S. Department of the Treasury ("SBLF"). On August 4, 2011, the Bank issued 13,750 shares for $13,750,000 of Fixed Rate Non-cumulative Perpetual Preferred Stock, Series B (the "Preferred Stock"). The Preferred Stock was issued under the SBLF and had an initial non-cumulative dividend rate of 5% per annum. The dividend rate was adjusted lower each quarter depending on increases that occur in qualifying loans as described in the SBLF program until it reached 1% per annum.
About Summit State Bank
Summit State Bank has total assets of $492 million and total equity of $69 million at June 30, 2015. Headquartered in Sonoma County, the Bank specializes in providing exceptional services and solutions to aid in the success of local businesses and nonprofits throughout Sonoma, Napa, San Francisco, and Marin Counties. Summit State Bank was again named a Top 75 Corporate Philanthropists in the SF Bay Area by the San Francisco Business Times and received the Top Corporate Philanthropy Award by North Bay Business Journal. Summit has also been consistently recognized as a high performing bank by Findley Reports, received the 2013 Rising Star Award from the California Independent Bankers, the 2012 Community Bank Award from the American Bankers Association for its nonprofit work, and has been recognized as one of the North Bay's Best Places to Work by the North Bay Business Journal. Summit State Bank's stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.
Except for historical information contained herein, the statements contained in this news release, are forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank will be conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.
CONTACT: Thomas Duryea, President and CEO Summit State Bank (707) 568-4920Source:Summit State Bank