Holland & Knight Advises PSB Holding Corp. on Acquisition by Summit Financial Group, Inc.
WASHINGTON, D.C. (December 15, 2022) – Holland & Knight advised PSB Holding Corp., owner of Provident State Bank, Inc., in its acquisition by Summit Financial Group, Inc. (NASDAQ: SMMF), which controls Summit Community Bank, Inc. The deal, announced on December 12, is valued at approximately $53.9 million.
Provident State Bank is a full-service bank with 10 branch locations serving the eastern shore of Maryland. Summit Community Bank serves commercial and individual clients throughout West Virginia, the Washington, D.C., metropolitan area, Virginia and Kentucky through its 44 full-service branch locations.
On Sept. 30, 2022, the combined company would have had approximate total assets of $4.5 billion, gross loans of $3.5 billion and deposits of $3.6 billion.
Holland & Knight Partners Kevin Houlihan, William Levay and Kerry Halpern, and Associates Alex Weaver, Amelia Occhino and Nicole Martini, led the firm's representation of PSB.
More information on the transaction can be found here.