Summit Bancshares, Inc. Announces Cash Dividend and Third Quarter Earnings

Business Wire, Oct 30, 1998

OAKLAND, Calif.--(BUSINESS WIRE)--Oct. 30, 1998--The Board of Directors of Summit Bancshares, Inc., at a meeting held on October 21, 1998, declared a cash dividend of $.75 per share on the outstanding common stock of the Company, payable on December 4, 1998, to holders of record as of the close of business on November 2, 1998.

Summit Bancshares, Inc., parent company of Summit Bank, also announced today that for the third quarter ending September 30, 1998, the consolidated net income for Summit Bancshares, Inc., was $444,531 ($.94 per share) compared to $438,831 ($1.01 per share) for the same period in 1997. For the same period, total consolidated assets increased 20.1% to $120,400,465 from $100,280,679. Total deposits increased 21.2% to $105,173,299 from $86,757,359.

On an annualized basis, return on average assets for the quarter ending September 30, 1998, was 1.55% and return on beginning equity was 13.23%, compared to the ROA of 1.70% and ROE of 13.45% for the same quarter in 1997.