Summit State Bank (NASDAQ: SSBI) on Tuesday announced it has distributed 165 donation checks, totaling more than $285,000, to its nonprofit customers.
The distribution from the community bank’s Nonprofit Partner Donation Program amounts to 5.7 percent of net profit after taxes, the Santa-Rosa-based institution stated.
According to the announcement, the program provides an annual cash donation to its nonprofit customers based on average annual account balances. This donation is above and beyond normal community giving, sponsorships and volunteering Summit provides during the year.
Some of the recipients include Community Child Care Council of Sonoma County, Hispanic Chamber of Commerce, Society of St. Vincent de Paul, PEP Housing, Giant Steps Therapeutic Equestrian Center and Santa Rosa Community Health Centers.
Summit State Bank had total assets of $514 million and total equity of $59 million as of Dec. 31.