Summit Bank commemorated its five-year anniversary recently with a reception for clients and friends at the bank’s Park Towers Office Building location, 5314 S. Yale Ave.
“We are extremely pleased to have reached this milestone and we’re grateful to our clients, employees and shareholders for the relationships, loyalties and friendships we have forged,” says Wade Edmundson, chief executive officer.
“We are proud to have overcome the very challenging, post-9/11 economy in 2002 and 2003. With Tulsa’s current stellar economy, it’s difficult to remember how tough things were in Tulsa during that timeframe following the dot com and telecommunications bust.”
On Dec. 31, 2006, Summit Bank reached $176 million in assets, $130 million in loans, and $141 million in deposits. The bank also has more than $15.7 million in capital and a $5.1 million legal lending limit.
“We are very fortunate to have the high quality of employees working with us,” says Edmundson. “We have a staff of 30 and this is as fine a team as any that I’ve had the opportunity to work with. We feel we have drawn the “best of the best” into our organization.”
Summit Bank was formed in January of 2002 by a group of organizers led by Edmundson and EVP/chief financial officer Karen Gallagher and started with 40 shareholders. In November of 2004, Mark Poole joined the bank’s executive management team as president and chief lending officer. An additional $7.4 million in capital was raised and an additional 40 shareholders were added to the roster in February 2005.
Summit Bank provides a full array of commercial banking, private banking, internet banking, treasury, and trust and investment services.