<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-----------------------
AMENDMENT NO. 1
TO
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report September 11, 1998
(Date of earliest event reported) June 30, 1998
SUMMIT BANK CORPORATION
-----------------------
GEORGIA
-------
(State or other jurisdiction of incorporation or organization)
000-21267 58-1722476
- -------------------------- -----------------------
Commission File Number (I.R.S. Employer
Identification No.)
4360 Chamblee-Dunwoody Road, Atlanta, Georgia 30341
- --------------------------------------------- -----------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (770) 454-0400
--------------
<PAGE> 2
ITEM 2. ACQUISITION OR DISPOSITION OF ASSETS
On June 30, 1998, the Summit National Bank ("Summit"), a wholly owned subsidiary
of Summit Bank Corporation, acquired California Security Bank, ("CSB"), a San
Jose, California community bank. Summit purchased the shares of the 98.6 percent
CSB shareholder immediately prior to the merger of CSB with and into Summit.
Pursuant to the Agreement and Plan of Merger between CSB and Summit dated March
27, 1998, which was approved by a majority of CSB's shareholders on May 18,
1998, Summit acquired all assets of CSB including approximately $19 million in
loans, $20 million of investments and other assets, and $110,000 of furniture
and equipment. In addition, Summit assumed all deposits totaling approximately
$36 million and other obligations and liabilities of approximately $120,000.
Summit will continue to operate CSB's office as an additional branch facility,
bringing the total number of Summit banking locations to six, five of which are
located in Georgia and one in California. As a result of arms'-length
negotiations, Summit agreed to pay cash of $.030166 for each surrendered share
of outstanding stock of CSB, for a total purchase price of $6,000,000. The
source of funds was cash on hand at Summit.
The acquisition of CSB will permit Summit to expand into a market in San Jose
very similar to its market in Atlanta and offer this new market the products and
services that have made Summit successful in Atlanta.
ITEM 7. FINANCIAL STATEMENTS, PRO-FORMA FINANCIAL INFORMATION AND EXHIBITS
(a) Financial Statements of Business Acquired
Financial Statements are not required by this item.
(b) Pro Forma Financial Information
Financial information is not required by this item.
(c) Exhibits
2.1 Agreement and Plan of Merger by and between The Summit National Bank
and California Security Bank dated as of March 27, 1998, incorporated
by reference to Exhibit 2.1 to registrant's Current Report on Form 8-K
dated April 6, 1998.
<PAGE> 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf of the
undersigned thereunto duly authorized.
Summit Bank Corporation
Date: September 11, 1998 By: /s/ Gary K. McClung
-------------------------------
Gary K. McClung
Executive Vice President
and Chief Financial Officer
