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Summit Community Bank Reports Record Performance

March 18, 2008

Okemos, MI - SCB Bancorp, Inc. the holding company for Summit Community Bank, posted a record performance in 2007 despite a dismal year for most banks in Michigan.

 

“Amidst all the bad news reported by many financial institutions, the bank had a great year,” said Summit Community Bank President and CEO John Abbott.  “We celebrated our fifth year of existence in East Lansing and opened our second office in Okemos.  I am pleased to report that our growth remains strong and the quality of our loan portfolio is excellent.”

Summit Community Bank finished the year with assets totaling $155.8 million compared to $133.0 million the prior year end.  Loans closed in 2007 totaled $56.4 million, an increase of over 50% from the previous year.  This was a record performance for the Bank.

Deposits increased 13% to $96.8 million in 2007 from $85.2 million in 2006.  The growth was experienced primarily in certificates of deposit.  Non-interest bearing deposits, however, increased over $4.0 million, an increase of 45%.  The increase in these accounts positively impacts the Company’s cost of funds.

“We had another very rewarding year in 2007 despite very difficult economic times,” said Abbott.  “We have been extremely pleased with our new branch office in Okemos and the reception that we have received in the community.  We’re looking forward to another positive year in 2008.”

Summit Community Bank is a full service financial institution with offices in East Lansing and Okemos, MI.  The Bank was formed five years ago by local business leaders with an emphasis on the customer and the community. With $156 million in assets, Summit Community Bank is well positioned for continued growth.

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