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Summit Bank was formerly known as the State Bank of Concrete. The Bank operated solely in Concrete, Washington, until its acquisition in a stock purchase agreement by the Bishop family in February 2005. The State Bank of Concrete was formed on December 14, 1914 by J. S. Wixson, J. Guddal and S. A. Post. Both the Ross and Thompson families played integral roles in the management of the Bank. Richard Thompson served as President from 1938 to 1948. Walter D. Ross served as President from 1948 to 1960. Mary Ross succeeded her husband, Walter, as President from 1960 to 1981. Walter D. “Dudley” Ross, Jr. served as President from 1981 to 1992. Donald A. Ross, Sr. succeeded his older brother as President from 1992, until the completion of the sale of the State Bank of Concrete to the Bishop family on February 26, 2005. On February 26, 2005, a stock purchase sale of the State Bank of Concrete was completed in which 100% of the outstanding shares held by eight shareholders were acquired by the James E. Bishop family, and the bank was renamed Summit Bank. On February 28, 2005, a Loan Production Office was opened in Mount Vernon, Washington at 2120 Freeway Drive. The 4,100-square foot facility received approval to open as a full-service branch on April 7, 2005. Summit Bank will open its Burlington Office at 723 Haggen Drive off of Highway 20 and Burlington Boulevard in late 2006. The 8,000 square foot building will be Summit Bank’s new headquarters. The Mount Vernon and Concrete Offices will remain branch offices. Market AreaSummit Bank’s market area includes all of Skagit County. The County’s principal economic centers are Anacortes, Burlington, Mount Vernon, and Sedro Woolley. The county has experienced considerable growth over the past decade. The Bank remains committed to keeping the Concrete office open to serve the banking needs of eastern Skagit County. Prior to the change of control, the State Bank of Concrete had a trade area principally concentrated in Concrete and the Upper Skagit Valley. Our BusinessSummit Bank will differentiate itself from its competitors by emphasizing its local ownership, local Board, local management, and local, experienced staff. The Bank provides commercial, commercial real estate, agricultural, and consumer loans as well as provides deposit services and products to individuals, non-profits, and small businesses. Summit Bank also has a wholly owned subsidiary, SBOC Insurance, which is an independent Met Life and Progressive insurance agent. The goal and focus of Summit Bank is to provide the type of relationship banking no longer provided by large banks and disappearing from larger independent banks. With experienced bankers and a focused approach to serve the mid-sized businesses and individuals in the market area, Summit Bank believes that it can distinguish itself from the competition. . |
Summit Bank
 
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