M&A Deal Summary

Summit Financial Group Acquires Provident State Bank

On December 12, 2022, Summit Financial Group acquired financial services company Provident State Bank for 54M USD

Acquisition Highlights
  • This is Summit Financial Group’s 6th transaction in the Financial Services sector.
  • This is Summit Financial Group’s largest (disclosed) transaction.
  • This is Summit Financial Group’s 7th transaction in the United States.
  • This is Summit Financial Group’s 1st transaction in Maryland.

M&A Deal Summary
Date 2022-12-12
Target Provident State Bank
Sector Financial Services
Buyer(s) Summit Financial Group
Deal Type Merger
Deal Value 54M USD
Advisor(s) Piper Sandler & Co. (Financial)
Holland & Knight (Legal)

Target

Provident State Bank

Preston, Maryland, United States
Provident State Bank is a full-service bank serving the eastern shore of Maryland that has ten branch locations in Preston, Federalsburg, Ridgely, Denton, Easton-Elliot Road, Easton-Harrison Street, Secretary, Cambridge, Salisbury, and Lewes (Delaware). Provident State Bank was founded in 1904 and is based in Preston, Maryland.

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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 7 of 7
Sector (Financial Services) 6 of 6
Type (Merger) 2 of 2
State (Maryland) 1 of 1
Country (United States) 7 of 7
Year (2022) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS 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