SUMMIT FINANCIAL GROUP, INC.: M&A transaction — Summit Financial completes PSB Holding acquisition; exchange ratio 1.2347 shares per PSB share

SUMMIT FINANCIAL GROUP, INC.

Each PSB share converted into 1.2347 Summit common shares; options cashed out using $35 reference price.
David R. Wilson Sr. appointed to Summit and Summit Community Bank boards effective April 1, 2023.
Board size increased to 15; Wilson receives same director compensation as other non-employee directors.
Provident State Bank branches to operate under current name through late-September 2023, then rebrand to Summit Community Bank.
No material relationships between Summit and PSB (or its affiliates) other than the merger agreement.

item 2.01 item 5.02 item 8.01 item 9.01

Executive movements

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Appointed

David R. Wilson, Sr.

Director

SUMMIT FINANCIAL GROUP, INC.

Effective: 2023-04-01
Filed: April 3, 2023, 7:59 PM ET

the Board also approved on a prospective basis the appointment of David R. Wilson, Sr. as a director of Summit to fill the vacancy created by that action.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

David R. Wilson, Sr. was appointed as Director at SUMMIT FINANCIAL GROUP, INC..

Action: appointed
Role: Director

Exact text from the filing

the Board also approved on a prospective basis the appointment of David R. Wilson, Sr. as a director of Summit to fill the vacancy created by that action.

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M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

SUMMIT FINANCIAL GROUP, INC. completed an acquisition involving PSB Holding Corp. (closed 2023-04-01).

Action: acquisition
Counterparty: PSB Holding Corp.
Closing: 2023-04-01

Exact text from the filing

Summit Financial Group, Inc. (“Summit”) completed its acquisition of PSB Holding Corp. (“PSB”), a Maryland corporation headquartered in Preston, Maryland pursuant to the terms of that certain Agreement and Plan of Merger dated December 9, 2022, by and between Summit and PSB (the “Agreement”). PSB merged with and into Summit, with Summit as the surviving entity (the “Merger”).

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Source: SEC EDGAR

accession 0001437749-23-009059

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