Summit Financial Group, Inc. (NASDAQ:SMMF) Files An 8-K Entry into a Material Definitive Agreement

As previously disclosed, on June 1, 2016, Summit Financial Group,
Inc., a West Virginia corporation (Summit), entered into an
Agreement and Plan of Merger (the Merger Agreement) with First
Century Bankshares, Inc., a West Virginia corporation (First
Century). The Merger Agreement provides that, upon the terms and
subject to the conditions set forth therein, First Century will
merge (the Merger) with and into a limited liability company and
wholly-owned subsidiary of Summits wholly-owned banking
subsidiary, Summit Community Bank, Inc., a West Virginia banking
corporation (Summit Community Bank), formed solely for the
purpose of consummating the Merger (Merger Sub), with Merger Sub
as the surviving entity in the Merger. Immediately following the
Merger, Merger Sub will be liquidated (the Liquidation) so that
Summit Community Bank will own all of the outstanding shares of
First Centurys wholly owned banking subsidiary, First Century
Bank, Inc., a West Virginia banking corporation (First Century
Bank). Immediately following the Liquidation, First Century Bank
will be merged (the Bank Merger) with and into Summit Community
Bank, with Summit Community Bank surviving as the surviving bank
in the Bank Merger. The Merger Agreement was unanimously approved
and adopted by the Board of Directors of each of Summit and First
Century. As previously disclosed, the Merger Agreement was
approved by the shareholders of First Century on December 6,
2016.

On January 17, 2017, Summit and First Century entered into an
Amendment to Agreement and Plan of Merger (the Amendment). The
Amendment replaced the requirement in the Merger Agreement that,
unless extended by mutual agreement of the parties and subject to
a couple of minor exceptions, the closing date of the Merger
occur on last business day of the month in which the latter of
the following occurs: (i) the receipt of all necessary regulatory
approvals (including the expiration or termination of any
mandatory waiting periods) or (ii) the receipt of the approval of
the shareholders of First Century with a closing date of April 1,
2017.

The Amendment also extends the date on which the Merger Agreement
may be terminated by either party if the Merger has not been
consummated from March 31, 2017 to April 1, 2017.

The foregoing description of the Amendment does not purport to be
complete and is qualified in its entirety by reference to the
full text of the Amendment, which is attached hereto as Exhibit
2.1 and is incorporated herein by reference. The Amendment should
not be read alone, but should instead be read in conjunction with
the other information regarding Summit, First Century, their
respective affiliates or their respective businesses, the Merger
Agreement, the Amendment and the Merger that will are contained
in, or incorporated by reference into, the registration statement
on Form S-4 that includes a proxy statement of First Century and
a prospectus of Summit, as well as in the Forms 10-K, Forms 10-Q,
Forms 8-K and other filings that Summit makes with the Securities
and Exchange Commission.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.