Acquisitions

3 Months Ended

Mar. 31, 2021

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

ACQUISITIONS

Cornerstone Financial Services Inc. Acquisition

On January 1, 2020, Summit Community Bank, Inc. ("SCB"), a wholly-owned subsidiary of Summit, acquired 100% of the ownership of Cornerstone Financial Services Inc. ("Cornerstone") and its subsidiary Cornerstone Bank, headquartered in West Union, West Virginia. Cornerstone's assets and liabilities approximated $195 million and $176 million, respectively, at December 31, 2019 and was deemed immaterial to our financial statements.

MVB Bank Branches Acquisition

On April 24, 2020, SCB expanded its presence in the Eastern Panhandle of West Virginia by acquiring three MVB Bank locations in Berkeley County, West Virginia and one MVB Bank location in Jefferson County, West Virginia. Summit assumed certain deposits and loans totaling approximately $188.1 million and $35.1 million, respectively.

WinFirst Financial Corp. Acquisition

On December 15, 2020, Summit Community Bank, Inc. acquired 100% of the ownership of WinFirst Financial Corp. ("WinFirst") and its subsidiary WinFirst Bank, headquartered in Winchester, Kentucky. At acquisition, WinFirst's assets and liabilities approximated $143 million and $127 million, respectively.

Pending MVB Bank Branches Acquisition

On April 23, 2021, Summit announced the signing of a definitive agreement under which Summit Community Bank, Inc. will acquire four MVB Bank locations located in Southern West Virginia: one in Kanawha County, one in Putnam County, and two in Cabell County. In addition, Summit will acquire two MVB Bank’s drive-up banking locations in Cabell County. The transaction is expected to close third quarter 2021. Summit will assume certain deposits and loans whose balances at April 22, 2021, were approximately $193 million and $57 million, respectively.