Summit Enters Kentucky Market; 100% Cash Consideration
| Source: Summit Financial Group, Inc.; WinFirst Financial Corp.
MOOREFIELD, W.V. and WINCHESTER, Ky., Sept. 28, 2020 (GLOBE NEWSWIRE) — Summit Financial Group, Inc. (“Summit”) (NASDAQ: SMMF) and WinFirst Financial Corp. (“WinFirst”) 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.