Summit Financial Group, Inc. Extends Subscription Period of Its Offerings of Preferred Stock to October 31, 2011

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| Source: Summit Financial Group, Inc.

MOOREFIELD, W.Va., Sept. 29, 2011 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. ("Summit") (Nasdaq:SMMF) announced today that it is extending until October 31, 2011 the subscription period of its present offering of 8% Non-Cumulative Convertible Preferred Stock, Series 2011 ("Series 2011 Preferred Stock") pursuant to subscription rights distributed to its common shareholders (the "Rights Offering"). Accordingly, the Offering's subscription rights will now expire at 5:00 p.m., Eastern Time, on October 31, 2011.

Summit also announced today that it is extending until October 31, 2011 the subscription period of its present offering of Series 2011 Preferred Stock to the public in an offering supplemental to the Rights Offering (together with the Rights Offering, the "Offerings").

To date, Summit has received subscriptions for more than 60 percent of the $6 million it plans to raise in the Offerings.

For further information regarding the Offerings, please see the Prospectus Supplement filed by Summit with the Securities and Exchange Commission on July 27, 2011.

About the Company

Summit Financial Group, Inc. is a $1.47 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Northern and Shenandoah Valley regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates fifteen banking locations. Summit also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia.

The Summit Financial Group, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2990

This press release is not and should not be construed as an offer to sell or a solicitation of an offer to buy the Series 2011 Preferred Stock.

Teresa D. Ely, Director of Shareholder Relations
Telephone: (304) 530-0526
Email: