Summit Bank announced a "two-for-one" stock split.
“Given Summit’s strong financial results for 2013 and the increase in our stock price, the board reviewed a number of alternatives to thank our shareholders for their support over the years,” CEO Craig Wanichek said in a prepared release.
Summit Bank previously reported a profit of $1.4 million, or $1.39 per share, for the fiscal year that ended Dec. 31. This was up 120.6 percent from 2012.
Read more at the Register-Guard