EXHIBIT INDEX
Exhibit No. Description
99.1 News Release, dated August 1, 2000 incorporated
herein by reference.
<PAGE>
Exhibit 99.1
SUMMIT FINANCIAL GROUP, INC.
P. O. Box 680
Moorefield, WV 26836
FOR IMMEDIATE RELEASE
August 1, 2000
Contact: Robert S. Tissue, CFO
Telephone: (304) 438-4142, Ext. 22
Email: [email protected]
SUMMIT FINANCIAL GROUP, INC. ANNOUNCES STOCK REPURCHASE PLAN
The Board of Directors of Summit Financial Group, Inc. (OTCBB: SMMF), a
$429 million bank holding company headquartered in Moorefield, West Virginia,
has authorized the repurchase of up to 20,000 shares of Summit's issued and
outstanding common stock. The shares will be acquired in the open market in
accordance with applicable regulations of the Securities and Exchange
Commission. The timing and quantity of any such purchases will be at the
discretion of the Company. All repurchased shares will be held as treasury
shares for reissuance in conjunction with Summit's employee stock ownership and
stock option plans and for general corporate purposes. As of July 31, 2000,
Summit had 881,275 common shares outstanding.
Summit operates eleven banking locations through its four wholly owned
subsidiary banks, South Branch Valley National Bank headquartered in Moorefield,
West Virginia, Capital State Bank, Inc. headquartered in Charleston, West
Virginia, Shenandoah Valley National Bank in Winchester, Virginia and Potomac
Valley Bank in Petersburg, West Virginia.
