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Summit Financial Announces Entry Into Securities Purchase Agreement to Raise Capital

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Summit Financial Group (Nasdaq: SMMF) today announced that it has entered into a Securities Purchase Agreement (the "Purchase Agreement") with Castle Creek Capital Partners V, LP ("Castle Creek"). Following the satisfaction or waiver of the conditions set forth in the Purchase Agreement, Castle Creek has agreed to acquire in a private placement (the "Private Placement") shares of common stock of Summit ("Common Stock") in an amount that is expected to approximate 9.9% of the outstanding Common Stock of the Company following consummation of the Private Placement at the price of $9.75 per share. The Company will receive approximately $10.2 million in net proceeds in the Private Placement after the consummation of the transactions contemplated by the Purchase Agreement.

The Private Placement will consist of two closings. The consummation of the first closing for the purchase of 819,384 shares of Common Stock at an aggregate purchase price of $8.0 million is conditioned upon, among other things, the receipt by Castle Creek of certain regulatory confirmations. The consummation of the second closing for the purchase of 237,753 shares of Common Stock at an aggregate purchase price of $2.3 million is conditioned

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