M&A Deal Summary

Summit Financial Group Acquires Cornerstone Bank

On September 17, 2019, Summit Financial Group acquired financial services company Cornerstone Bank for 29M USD

Acquisition Highlights
  • This is Summit Financial Group’s 4th transaction in the Financial Services sector.
  • This is Summit Financial Group’s 3rd largest (disclosed) transaction.
  • This is Summit Financial Group’s 5th transaction in the United States.
  • This is Summit Financial Group’s 2nd transaction in West Virginia.

M&A Deal Summary
Date 2019-09-17
Target Cornerstone Bank
Sector Financial Services
Buyer(s) Summit Financial Group
Deal Type Add-on Acquisition
Deal Value 29M USD
Advisor(s) D.A. Davidson & Co. (Financial)
Bowles Rice (Legal)

Target

Cornerstone Bank

West Union, West Virginia, United States
Cornerstone Bank, Inc. is a banking service provider. Cornerstone Bank, Inc. was founded in 1902 and is based in West Union, West Virginia.

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Buyer(S) 1

Buyer

Summit Financial Group

Moorefield, West Virginia, United States
Category Company
Founded 1987
Sector Financial Services
Employees415
Revenue 144M USD (2022)
DESCRIPTION

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.

DEAL STATS #
Overall 5 of 7
Sector (Financial Services) 4 of 6
Type (Add-on Acquisition) 4 of 5
State (West Virginia) 2 of 2
Country (United States) 5 of 7
Year (2019) 1 of 1
Size (of disclosed) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-05-07 Summit Insurance Services

Leesburg, Virginia, United States

Summit Insurance Services LLC is an insurance agency that primarily provides employee benefits solutions to businesses and individuals throughout the Mid-Atlantic region. SIS will continue to do business under their existing name and remain in their current offices in Leesburg, Virginia and Moorefield, West Virginia.

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FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-28 WinFirst Financial

Winchester, Kentucky, United States

WinFirst Financial Corp. is a savings and loan holding company that operates two community banking offices in Winchester, Kentucky through its subsidiary, WinFirst Bank. Originally known as Winchester Federal Savings and Loan Association, WinFirst Bank was founded in 1934 to promote savings and homeownership.

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Legal