MOOREFIELD, W.V. and WINCHESTER, Ky., Sept. 28, 2020 (GLOBE NEWSWIRE) -- Summit Financial Group, Inc. (NASDAQ: SMMF) and WinFirst Financial Corp. announced the signing of a definitive merger agreement between Summit Community Bank, Inc., a wholly-owned subsidiary of Summit, and WinFirst, pursuant to which Summit Community Bank will acquire all of the outstanding shares of common stock of WinFirst in exchange for cash.
The transaction has been unanimously approved by each company’s board of directors and is estimated to close by year end 2020, pending regulatory approvals and the approval of WinFirst’s shareholders. Following the consummation of the merger, Summit Community Bank expects to consolidate WinFirst Bank, WinFirst’s wholly-owned subsidiary, with Summit Community Bank.
“This transaction represents an exceptional opportunity for Summit to expand its franchise into Kentucky through the merger of two financially strong banks with similar cultures, core values and guiding principles, as well as a shared commitment to build long-term client relationships by providing service beyond expectations,” stated Summit’s President and Chief Executive Officer, H. Charles Maddy, III. “Our top priority now is to make sure WinFirst’s clients experience a smooth transition and enjoy the advantages of our additional products and services.”
WinFirst Bank President and Chief Executive Officer, Kari R. Gough commented, “Together with my fellow employees, I look forward to a new chapter for this well-established institution. This combination will only enhance the high-level customer service that our clients have come to expect from WinFirst.” Sarah McCready Boston, granddaughter of the founder and current board member added, “WinFirst has a proud history that stretches back 86 years since our grandfather, Richard F. McCready, founded it with a loan of $1,200. Our grandmother, Dolly T. McCready, kept the books for 65 years until the age of 95 and our father, Richard F. McCready, Jr., grew the bank seven-fold during his leadership of 24 years.” Her mother, Jane Houston McCready, President of WinFirst Financial Corp, stated, “WinFirst has been an important part of Winchester for many decades, and we know that Summit will continue the strong community service and traditions of WinFirst Bank.”
Piper Sandler & Co. served as financial advisor to WinFirst, and Frost Brown Todd LLC served as its legal counsel. Bowles Rice LLP provided legal counsel to Summit.
About Summit
Summit Financial Group, Inc. is a $2.86 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle, Southern and North Central regions of West Virginia and the Northern, Shenandoah Valley and Southwestern regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates 41 banking locations.
About WinFirst
WinFirst, a savings and loan holding company reported approximately $152 million in assets as of June 30, 2020 and operates two community banking offices in Winchester, Kentucky through its subsidiary, WinFirst Bank. Originally known as Winchester Federal Savings and Loan Association, WinFirst Bank was founded in 1934 to promote savings and home ownership. This community bank has grown into a strong and stable full-service community bank that has stayed true to its local roots. Three generations of the McCready family have been instrumental in the management and ownership of the bank.
