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May 7, 2020

Summit Bank

Eugene, Oregon-based Summit Bank says its $5 million stock offering, debuting Monday, was oversubscribed and closed that day. The bank's board then approved a resolution to accept about 850,000 shares priced at $10 per share. The bank originally planned to raise the $5 million in 30 days. It says the new capital will strengthen its balance sheet in relation to significant growth in Paycheck Protection Program loans associated with the coronavirus pandemic, as well as projected growth in conventional loans. Summit specializes in loans to professionals and medium-sized businesses. It has offices in Eugene, Portland and central Oregon.




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