---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-009059"
form_type: "8-K"
ticker: null
cik: "0000811808"
company_name: "SUMMIT FINANCIAL GROUP, INC."
filed_at: "2023-04-03T23:59:59+00:00"
generated_at: "2026-06-17T07:26:15.645903+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Summit Financial completes PSB Holding acquisition; exchange ratio 1.2347 shares per PSB share

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-009059
- form_type: 8-K
- cik: 0000811808
- company_name: SUMMIT FINANCIAL GROUP, INC.
- filed_at: 2023-04-03T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.01, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/811808/000143774923009059/0001437749-23-009059-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/811808/000143774923009059/smmf20230403_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-009059
- JSON: https://secwatch.observer/filing/0001437749-23-009059.json
- Plain text: https://secwatch.observer/filing/0001437749-23-009059.txt

## Key facts
- Executive change
  David R. Wilson, Sr. was appointed as Director at SUMMIT FINANCIAL GROUP, INC..
  - Action: appointed
  - Role: Director
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/811808/000143774923009059/0001437749-23-009059-index.htm
- M&A Transactions
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/811808/000143774923009059/0001437749-23-009059-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.