Summit Financial Group, Inc. (NASDAQ:SMMF) Files An 8-K Results of Operations and Financial Condition

On April 24, 2017, Summit Financial Group, Inc. (the “Company”) issued a press release regarding the settlement of two lawsuits relating to certain residential mortgages originated and sold by two former subsidiaries, as further described in Item 8.01 below. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

>The information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Section 8 – Other Events

Item 8.01. Other Events

(b) On April 24, 2017, Summit Financial Group, Inc. (the “Company”) announced that its wholly-owned subsidiary, Summit Community Bank, Inc. entered into a Settlement and Release Agreement (the “Settlement Agreement”) with Residential Funding Company, LLC (“RFC”) and the ResCap Liquidating Trust (together with RFC, the “RFC Parties”). The Settlement Agreement relates to pending indemnity and breach of contract claims filed against Summit Financial Mortgage LLC (“Summit Financial”) and Shenandoah Valley National Bank (“Shenandoah”) in the actions ResCap Liquidating Trust v. Summit Financial Mortgage, LLC f/k/a Summit Financial, LLC, Adv. Case No. 14-01996 (Bk. S.D.N.Y)>and>ResCap Liquidating Trust v. Summit Community Bank, Inc., as successor to Shenandoah Valley National Bank, No. 17-CV-201 (D. Minn.) (the “Litigations”). The Litigations relate to certain residential mortgage loans originated and sold to RFC by Summit Financial and Shenandoah.

Under the Settlement Agreement, Summit Community Bank, as the former sole member of Summit Financial and as the successor to Shenandoah, agreed to pay $9.9 million to fully resolve all claims by the RFC parties, and to avoid the further costs, disruption, and distraction of defending the Litigations.

Section 9-Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits.

(d) Exhibit

Exhibit 99.1 Press Release dated April 24, 2017.

About Summit Financial Group, Inc. (NASDAQ:SMMF)
Summit Financial Group, Inc. (Summit) is a financial holding company. The Company provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Shenandoah Valley, and Northern region of Virginia. The Company provides these services through its community bank subsidiary, Summit Community Bank (Summit Community or the Bank). The Company operates through two segments: community banking, and insurance & financial services. The community banking segment consists of its full service banks, which offer customers traditional banking products and services through various delivery channels. The insurance & financial services segment includes three insurance agency offices that sell insurance products. The Company also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia, which provides insurance brokerage services to individuals and businesses. Summit Financial Group, Inc. (NASDAQ:SMMF) Recent Trading Information
Summit Financial Group, Inc. (NASDAQ:SMMF) closed its last trading session up +0.28 at 23.00 with 18,504 shares trading hands.