MOOREFIELD, W.V., Nov. 2, 2011 (GLOBE NEWSWIRE) -- As previously announced, Summit Financial Group, Inc. ("Summit") (Nasdaq:SMMF) concluded on October 31, 2011 its offering for up to 12,000 shares 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"). In addition, Summit continues to accept subscriptions for shares of Series 2011 Preferred Stock not subscribed for in conjunction with the Rights Offering in a supplemental offering to the public (the "Supplemental Offering"), which will expire on November 30, 2011, at 5:00 p.m., Eastern Time.
Summit announced today that through October 31, 2011, it had received from the combined Rights and Supplemental Offerings paid subscriptions for 10,383 shares of Series 2011 Preferred Stock, representing proceeds of $5.0 million, net of related issuance costs.
For further information regarding the Supplemental Offering, please see the Prospectus Supplement filed by Summit with the Securities and Exchange Commission on July 27, 2011, and as amended on October 28, 2011.
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.
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.