SANTA ROSA, Calif., July 30, 2013 (GLOBE NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today announced the election of directors. The following were elected directors: Jeffrey B. Allen, James E. Baxter II, James E. Brush, Josh C. Cox, Jr., John F. DeMeo, Michael J. Donovan, Richard A. Dorr, Thomas M. Duryea, Todd R. Fry, Allan J. Hemphill, Samuel G. Kapourales, Ronald A. Metcalfe, Richard E. Pope, Nicholas J. Rado, Marshall T. Reynolds, and Eugene W. Traverso. Allan Hemphill has been elected as the Chairman of the Board.
Mr. Allen, Mr. Kapourales and Mr. Pope are new to the Board as directors. Mr. Allen and Mr. Pope were nominated at the annual meeting of shareholders by a shareholder. Mr. Cox was appointed to the Board as a director after the shareholders approved a proposal to increase the Board to sixteen members.
About Summit State Bank
Summit State Bank has total assets of $432 million and total equity of $61 million at June 30, 2013. Headquartered in Sonoma County, the Bank provides diverse financial products and services throughout Sonoma, Napa, San Francisco, and Marin Counties. Summit State Bank received the 2012 Community Bank Award from the American Bankers Association for its nonprofit work. In addition, Summit has been recognized as one of the Top 75 Corporate Philanthropists in the Bay Area by the San Francisco Business Times, with the Gold Medal award for Best Business Bank from the Northbay Biz Magazine, and as one of the North Bay's Best Places to Work by the North Bay Business Journal. Summit has also been consistently recognized as a high performing bank by Findley Reports. 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.