Summit Bancshares Inc. announces cash dividend and third quarter earnings

Business Wire, Oct 18, 1996

OAKLAND, Calif.--(BUSINESS WIRE)--Oct. 18, 1996--The board of directors of Summit Bancshares Inc. at a meeting held on Oct. 17, 1996, declared a cash dividend of $.75 per share on the outstanding common stock of the company payable on Dec. 9, 1996 to holders of record as of the close of business on Nov. 11, 1996.

Summit Bancshares Inc., parent company of Summit Bank, also announced today that for the third quarter ended Sept. 30, 1996, the consolidated net income for Summit Bancshares Inc. increased 10% to $348,131 ($.75 per share) from $316,242 ($.69 per share) for the same period in 1995. The increase in income is the direct result of an increase in total assets. For the same period, total consolidated assets increased 7.7% to $91,339,181 from $84,822,810 while total deposits also increased 8% to $78,884,388 from $73,024,401.

On an annualized basis, return on average assets for the quarter ended Sept. 30, 1996 was 1.55% and return on beginning equity was 12.18% compared to the ROA of 1.54% and ROE of 11.62% for the same quarter in 1995.

CONTACT: Summit Bancshares, Oakland

Shirley W. Nelson, 510/839-8800