MOOREFIELD, W. Va.–(GLOBE NEWSWIRE)–As previously disclosed, on August 22, 2014, Summit Financial Group, Inc. (the “Company” or “Summit”) (Nasdaq:SMMF) entered into a Securities Purchase Agreement (the “Purchase Agreement”) with Castle Creek Capital Partners V, LP (“Castle Creek”). Pursuant to the Purchase Agreement, following the satisfaction or waiver of the conditions set forth in the Purchase Agreement, Castle Creek agreed to acquire in a private placement (the “Private Placement”) shares of common stock of the Company (“Common Stock”) in an amount that is expected to approximate 9.9% of the outstanding Common Stock of the Company following consummation of the Private Placement at the price of $9.75 per share. The Private Placement consisted of two closings.
On November 26, 2014, Summit completed the first closing contemplated under the Purchase Agreement whereby Castle Creek purchased 819,384 shares of Common Stock at an aggregate purchase price of $8.0 million.
Summit today announced that it has completed the second closing contemplated under the Purchase Agreement for the purchase of 237,753 additional shares of Common Stock at an aggregate purchase price of $2.3 million. Following the second closing, there are 10,685,094 shares of Common Stock outstanding.