Summit State Bank reduces quarterly cash dividend to 4c per share

Summit State Bank’s Board of Directors declared the Bank’s eighty third consecutive quarterly cash dividend to common shareholders for $0.04 per share on September 11, 2024. The dividend will be paid on October 10, 2024, to shareholders of record on October 3, 2024. “The current rate environment, and its impact on earnings, led to our decision to reduce the quarterly cash dividend. The dividend reduction reflects the Bank’s deliberate approach to build capital,” said Brian Reed, President and CEO. “We recognize the importance and impact of the dividend reduction on all of our shareholders, and it was not made lightly. This reduction will improve capital ratios, increase liquidity and allow the Bank to be better positioned to create long-term value during this time of economic uncertainty.”