SANTA ROSA, Calif., Feb. 29, 2008 (PRIME NEWSWIRE) -- Summit State Bank (Nasdaq:SSBI) today announced the appointment of Tom Duryea as CEO and President of Summit State Bank effective March 1, 2008. Mr. Duryea replaces John Lewis who recently retired as CEO but will continue as Chairman. The Board of Directors accepted the resignation of Terrance Davis, President and COO.
Mr. Duryea has been with Summit since 2001 starting as a business loan officer and since 2006, as Chief Credit Officer. Prior to coming to Summit, he worked with California Bank & Trust, Union Bank of California and Wells Fargo.
Mr. Duryea received his Bachelor of Arts in Economic History from UC Berkeley in 1981. He studied French language at La Sorbonne in Paris in 1982 and is a graduate of the Pacific Coast Banking School at the University of Washington in Seattle, WA.
About Summit State Bank
Summit State Bank has total assets of $340 million and total equity of $48 million at December 31, 2007. The Bank provides diverse financial products and services which are marketed throughout Sonoma County and surrounding areas in California with offices located in Santa Rosa, Rohnert Park, Petaluma and Windsor. Summit State Bank stock is traded on the Nasdaq Global Market under the symbol SSBI.
Forward-looking Statements
Except for historical information contained herein, the statements contained in this news release, are forward-looking statements within the meaning of the "safe harbor" provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank will be conducting its operations, including the real estate market in California and other factors beyond the Bank's control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management's view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.