Summit State Bank Declares Quarterly Cash Dividend

Core Viewpoint - Summit State Bank declared its eighty third consecutive quarterly cash dividend of $0.04 per share, which will be paid on October 10, 2024, to shareholders of record on October 3, 2024 [1] Dividend Decision - The decision to reduce the quarterly cash dividend was influenced by the current rate environment and its impact on earnings, aiming to build capital [2] - The reduction is intended to improve capital ratios, increase liquidity, and position the Bank for long-term value creation amid economic uncertainty [2] Financial Overview - As of June 30, 2024, Summit State Bank has total assets of $1.1 billion and total equity of $98 million [3] Commitment to Diversity and Community - Summit State Bank emphasizes diversity and inclusion, with 54% of management being women and minorities, and 60% representation on the Executive Management Team [4] - The Bank has received multiple awards for its performance and commitment to community service, including Top Performing Community Bank and Best Places to Work [4]