Summit Bancshares Inc. Announces Second Quarter Earnings Increase

Business Wire, July 31, 1998

OAKLAND, Calif.--(BUSINESS WIRE)--July 31, 1998--Summit Bancshares Inc., parent company of Summit Bank, announced today that as of June 30, 1998 year to date profits increased 10% to $871,519 ($1.86 per share) from $794,808 ($1.72 per share) for the same period last year.

For the second quarter ending June 30, 1998 the consolidated net income for Summit Bancshares Inc. was $436,118 ($.93 per share) compared to $413,118 ($.89 per share) for the same period in 1997, an increase of 6%. As of the period end, total consolidated assets increased 18.08% to $110,188,412 from $93,319,295 while total deposits increased 19.34% from $80,086,283 to $95,571,543.

On an annualized basis, return on average assets for the quarter ending June 30, 1998 was 1.65% and return on beginning equity was 13.11% compared to the ROA of 1.77% and ROE of 13.56% for the same quarter in 1997.

    CONTACT: Summit Bancshares Inc., Oakland
              Shirley W. Nelson, 510/839-8800