MOOREFIELD, W.Va., Dec. 2, 2011 (GLOBE NEWSWIRE) -- On November 30, 2011, Summit Financial Group, Inc. ("Summit") (Nasdaq:SMMF) concluded its supplemental public offering (the "Supplemental Offering") of the remaining 1,617 shares of 8% Non-Cumulative Convertible Preferred Stock, Series 2011 ("Series 2011 Preferred Stock") which, as previously announced, were not issued in conjunction with Summit's original offering of up to 12,000 shares of the Series 2011 Preferred Stock pursuant to subscription rights distributed to its common shareholders (the "Rights Offering") that concluded on October 31, 2011.
Summit received from the combined Rights and Supplemental Offerings paid subscriptions for all 12,000 shares of Series 2011 Preferred Stock offered, representing proceeds of $5.8 million, net of related issuance costs.
About the Company
Summit Financial Group, Inc. is a $1.46 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.
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