Summit State Bank is aware that Big Poppy Holdings has published a notice stating that it holds 332,464 shares of Summit’s common stock, which is approximately 4.9% of the outstanding shares, and that it intends to file an application with the Federal Reserve Board to acquire up to 24.99% of Summit’s common stock. Poppy is the holding company for Poppy Bank, which is headquartered in Santa Rosa, California. Summit State Bank’s Board of Directors will review Poppy’s application and may comment on or respond to the application in due course.
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