Change in Leadership at Summit State Bank; James Brush Announced His Retirement and Brian Reed to Succeed as President and CEO

SANTA ROSA, Calif., Jan. 29, 2020 (GLOBE NEWSWIRE) -- Summit State Bank (NASDAQ: SSBI) President and CEO, James Brush announced his retirement as of the Annual Shareholder’s Meeting scheduled for April 27, 2020. Brush assumed the role of President and CEO in April of 2016 and has led the Bank through its recent growth and staff expansion. He has served on the Bank’s Board of Directors since 2009 and will remain on the Board and continue to be active in Sonoma County, where he resides. 

“On behalf of the Board of Directors at Summit State Bank, I would like to offer my sincere thanks to Jim for his years of service, leadership and vision to position the Bank as the high performing community bank it is today. He championed the change in our business model to position the Bank for growth. We are beginning to realize the benefits of realigning our infrastructure to support our future financial success,” said Allan Hemphill, Chairman of the Board of Summit State Bank.

The Board has named current Executive Vice President/Chief Credit Officer Brian Reed in the succession plan to fill the role of President and Chief Executive Officer. The succession plan informally began earlier last year and now has been ratified by the Board of Directors.

“The combination of Brian’s experience and his ability to attract the loan operations team needed to support our strategic objectives has been key to our success. I feel confident that Brian will continue to lead the Bank and ensure that we stay true to our commitment as a local community bank. It has been a terrific four years here at Summit State Bank and I expect 2020 loan interest income will have increased about 85% compared to 2017, all related to organic growth. The Board of Directors has been key in their vision and support in building this strong team, positioning the organization to compete successfully in the current challenging business environment,” said Jim Brush, retiring President and CEO.

Brian has been in banking since 1985. He joined Summit in late 2016 and has been instrumental in realigning the Bank’s loan operations. He earned his Master’s degree from the American Graduate School of International Management in Arizona, and graduated with a Bachelor’s degree in Business Economics from the University of California at Santa Barbara, with an emphasis in Accounting and Corporate Finance. 

Mr. Reed is actively involved in the community and served as the President of the Santa Rosa East Rotary, as a Board Member of Children & Family Circle and Treasurer of Free to Be. Brian resides in Santa Rosa with his wife Alison and has two adult children.

Michael Castlio will replace Brian as Chief Credit Officer. He has over 25 years of banking experience and is currently leading our Credit Administration since joining the Bank in 2018. He earned a B.S. in Business Administration from San Jose State University with a concentration in finance. He has two children and has been involved in recreational leagues and other community activities.

About Summit State Bank

Summit State Bank, a local community bank, has total assets of $696 million and total equity of $67 million at December 31, 2019. Headquartered in Sonoma County, the Bank specializes in providing exceptional customer service and customized financial solutions to aid in the success of local small businesses and nonprofits throughout Sonoma County. 

Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. At the center of diversity is inclusion, collaboration, and a shared vision for delivering superior service and results for shareholders. Presently, 75% of management are women and minorities with 60% represented on the Executive Management Team. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Best Business Bank, Corporate Philanthropy Award and Best Places to Work in the North Bay. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at .

Forward-looking Statements

Except for historical information contained herein, the statements contained in this news release, are forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This release may contain forward-looking statements that are subject to risks and uncertainties. Such risks and uncertainties may include but are not necessarily limited to fluctuations in interest rates, inflation, government regulations and general economic conditions, and competition within the business areas in which the Bank will be conducting its operations, including the real estate market in California and other factors beyond the Bank’s control. Such risks and uncertainties could cause results for subsequent interim periods or for the entire year to differ materially from those indicated. You should not place undue reliance on the forward-looking statements, which reflect management’s view only as of the date hereof. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

Allan Hemphill

Chairman of the Board

Summit State Bank

PO Box 6188

Santa Rosa, CA 95406

(707) 568-4940