Summit Financial Group, Inc. Announces Conversion of All Its Outstanding Preferred Shares Into Common Stock
MOOREFIELD, W. Va.–(GLOBE NEWSWIRE)–Summit Financial Group, Inc. (the “Company”) announces that it will be exercising its right to convert all of its outstanding shares of preferred stock into shares of its common stock (“Common Stock”) effective as of March 12, 2015.
Pursuant to its articles of incorporation, as amended, and the applicable certificates of designations, the Company has the right to convert the shares of its 8% Non-Cumulative Convertible Preferred Stock, Series 2009, par value of $1.00 per share (the “Series 2009 Preferred Stock”), and the shares of its 8% Non-Cumulative Convertible Preferred Stock, Series 2011, par value of $1.00 per share (the “Series 2011 Preferred Stock,” and together with the Series 2009 Preferred Stock, the “Preferred Stock”), upon providing holders with the terms of the conversion that are set forth in this announcement. This announcement serves as the notice that the Company is required to provide holders of Preferred Stock pursuant to each certificate of designation.
The conversion will be consummated on March 12, 2015. Computershare Inc. and its affiliate Computershare Trust Company, N.A. are serving as the conversion agent on behalf of the Company. Holders of Preferred Stock will receive a letter of transmittal from the conversion agent with instructions for surrendering the Preferred Stock certificates for shares of Common Stock.