Summit Financial Group - M&A Summary and Business Overview

Financial ServicesCompany

Summit Financial Group M&A Summary

Summit Financial Group has acquired 7 companies, including 3 in the last 5 years. It has also divested 1 asset.

Summit Financial Group’s largest acquisition to date was in 2022, when it acquired PSB Holding for $54M. Summit Financial Group has acquired in 4 different US states. The Company’s most targeted sectors include financial services (86%) and insurance (15%).

Summit Financial Group Business Overview

Where is Summit Financial Group headquartered?

Summit Financial Group is headquartered in Moorefield, West Virginia.

What is Summit Financial Group’s revenue?

Summit Financial Group disclosed revenue of 144M USD for 2022 and 127M USD for 2021.

How many employees does Summit Financial Group have?

Summit Financial Group has 415 employees.

What sector is Summit Financial Group in?

Summit Financial Group is a financial services company.

When was Summit Financial Group founded?

Summit Financial Group was founded in 1987.

M&A Summary

  • M&A Total Activity8
    • M&A Buy Activity7
    • M&A Sell Activity1
  • Total Sectors Invested 2
  • Total Countries Invested 1
  • M&A Buy/Sell Connections 1
  • M&A Advisors 3

Summit Financial Group

Summit Financial Group, Inc.

300 North Main Street,
Moorefield, West Virginia 26836
United States,
(304) 530-1000
www.summitfgi.com

Summit Financial Group is a financial holding company that provides community banking services. Summit Financial Group was founded in 1987 and is based in Moorefield, West Virginia.


M&A Summary

Buy vs Sell

Year ≤ '19 '20 '21 '22 '23 '24 T
Buy (0.4/yr) # 5 1 - 1 - - 7
vol $119M $54M $173M
Sell (0.0/yr) # 1 - - - - - 1
  8

Most Recent M&A

Company Date Value Type
PSB Holding Corp. 2022-12-12 54M USD Merger
Preston, Maryland · www.providentstatebank.com
WinFirst Financial Corp. 2020-09-28 - Add-on Acquisition
Winchester, Kentucky · www.winfirstbank.com
Cornerstone Bank, Inc. 2019-09-17 29M USD Add-on Acquisition
West Union, West Virginia · www.cornerstonebankwv.com
Summit Insurance Services LLC 2019-05-07 - Divestiture
Leesburg, Virginia · www.summitinsuranceservices.com
Peoples Bankshares, Inc. 2018-07-24 26M USD Add-on Acquisition
Montross, Virginia · www.peoplescommunitybank.biz
First Century Bankshares, Inc. 2016-06-01 43M USD Add-on Acquisition
Bluefield, West Virginia · www.firstcentury.com
Highland County Bankshares, Inc. 2016-02-29 22M USD Merger
Monterey, Virginia
Summit Insurance Services LLC 2004-03-01 - Add-on Acquisition
Leesburg, Virginia · www.summitinsuranceservices.com
View All >>

M&A by Sector

Sector Buy # Value Sell # Value
Financial Services 6 (86%) 173M (100%) - -
Insurance 1 (14%) - 1 (100%) -
Total 7 $173M 1 -

By Geo

State/Country Buy Value Sell Value
United States 7 173M 1 -
  Virginia 3 47M 1 -
  West Virginia 2 71M - -
  Maryland 1 54M - -
  Kentucky 1 - - -
Total 7 $173M 1 -

Top M&A Advisors

Legal Deals
Bowles Rice
 4
Hunton & Williams LLP
 1
Hunton Andrews Kurth
 1

Deal Values

buy # Total
< $100M 5 $173M
TOTAL $173M
Largest PSB Holding Corp.
$54M (2022-12-12)

M&A Connections

Deals
Divested to
Strategic(s)
100%
1 (100%)

Company Summary

SECTOR

Financial Services

Revenue

144   14% 2022
127   13% 2021
113   21% 2020
94   10% 2019
86   7% 2018
81   31% 2017
62   2016
(millions of USD) Show More Show Less

Employees

415

Established

1987

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West Virginia Companies , Financial Services Companies , United States Companies , West Virginia Financial Services Companies , West Virginia Financial Services with Acquisitions , West Virginia Financial Services with Divestitures

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