An unknown buyer entered into an agreement to acquire Summit Bancshares, Inc. (OTCPK:SMAL) for $67.1 million on November 28, 2018. Summit shareholders will receive $56.13 per share, subject to adjustment. In addition, it is anticipated that Summit shareholders will receive a special dividend at the time of closing. The size of such special dividend will be determined by the Summit Board of Directors in consultation with the appropriate regulatory agencies and subject to the terms and conditions of the definitive agreement. Summit intends to continue to pay its regular shareholder dividends until closing. After the acquisition, the Bank will continue to operate under the leadership of Shirley Nelson, Summit’s founder and Executive Chairman of the Board, Steve Nelson, President and Chief Operating Officer, and Tom Duryea, Chief Executive Officer. Shirley Nelson, Jason Hill and Robert Dillon will continue to serve on the Board of Directors of the Bank after the acquisition, along with Steve Nelson and Tom Duryea. Employees of Summit will continue to be part of Summit franchise. The acquirer is expected to appoint six new Directors to the Board of Directors of the Bank in connection with the acquisition. The proposed transaction is subject to the approvals of Summit shareholders as well as the regulatory agencies, and, subject to such approvals, is expected to close in mid-year 2019. Vining Sparks acted as financial advisor and fairness opinion provider and Gary Findley of Gary Steven Findley & Associates acted as legal advisor to Summit. Hunton Andrews Kurth LLP acted as legal advisor and Hovde Group acted as financial advisor to the purchaser.