MOOREFIELD, W.Va., May 03, 2019 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (“Summit”) (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.
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 & CFO
Telephone: (304) 530-0552