Moorefield, W.Va.-based Summit Financial Group Inc. sold in a private placement an additional $5.3 million, or 530 shares, of its 6.0% fixed-rate series 2021 noncumulative perpetual preferred stock.
The company initially issued 970 shares of the new series of preferred stock on April 15 and extended the offering period until April 30. Due to higher demand for the preferred shares, the company increased the available number of shares for sale in the private placement to 1,500 shares from 1,200 shares. Summit Financial sold all of the remaining shares of preferred stock at the closing on April 30.
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