SANTA ROSA, Calif., July 1, 2011 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today announced the results of their annual shareholders meeting. The following were elected directors as a result of shareholder voting: James Baxter, Josh Cox, John F. DeMeo, Michael J. Donovan, Richard A. Dorr, Thomas Duryea, Todd Fry, Joseph F. Helmer, Allan J. Hemphill, Ron Metcalfe, Nick Rado, Marshall T. Reynolds, and Eugene W. Traverso. Two of the directors James Baxter and Josh Cosh are new to the board.
John Lewis has retired as Chairman of the Board. The Summit State Bank team members would like to thank him for his years of dedicated service resulting in significant improvements and contributions to the bank over the years. His positive impact on the businesses and individuals in the community are far reaching and has improved the business and community life in Sonoma County.
Allan Hemphill, who has been a board director since 1999, has been elected as the Chairman of the Board. Mr. Hemphill, a 50 year veteran of the wine industry including past president and CEO of Chateau St. Jean Winery, is owner and President of Hemphill & Associates, a wine industry consulting firm. In addition, as a licensed realtor, Allan supports clients in vineyard and winery acquisitions and sales. A lifelong resident of Sonoma County, Mr. Hemphill provides valued expertise to further the goals of the bank to benefit the Sonoma County community.
About Summit State Bank
Summit State Bank has total assets of $374 million and total equity of $55 million at March 31, 2011. Headquartered in Sonoma County, the Bank provides diverse financial products and services throughout Sonoma, Napa, San Francisco, and Marin Counties. Summit State Bank is a Premier Performing Bank, earning the highest Findley Reports designation of all Sonoma County-based banks. Summit State Bank received the Gold Medal award for Best Business Bank from the Northbay Biz Magazine and has also 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.
Forward-looking Statements
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.