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

Business Wire, Oct 26, 1999

OAKLAND, Calif.--(BUSINESS WIRE)--Oct. 26, 1999--

The Board of Directors of Summit Bancshares Inc., at a meeting held on October 20, 1999, declared a cash dividend of $.75 per share on the outstanding common stock of the Company, payable on December 3, 1999, to holders of record as of the close of business on November 1, 1999.

Summit Bancshares, Inc., (OTCBB:SMAL) parent company of Summit Bank announced today, that for the third quarter ending September 30, 1999, the consolidated net income for Summit Bancshares, Inc., was $459,571 ($.99 per share) compared to $444,531 ($.94 per share) for the same period in 1998, an increase of 3%.

As of the period end, total consolidated assets increased 3.2% to $124,267,636 from $120,400,465 while total deposits increased 2.6% from $105,173,299 to $107,938,655.

On an annualized basis, return on average assets for the quarter ending September 30, 1999 was 1.50% and return on beginning primary capital was 12.54%, compared to the ROA of 1.55% and ROE of 13.23% for the same period last year.