Summit to Exit Mortgage Banking Biz

Summit Financial Group Inc., Moorefield, W. Va., has announced its intention to sell or terminate "substantially all" business activities of Summit Mortgage, its residential mortgage loan origination unit.The company said it expects Summit Mortgage to cease operations on or about Jan. 31 if it has not been sold before that date. "The decision to exit the mortgage banking business was based on this business unit's poor operating results and the continuing uncertainty for performance improvement," Summit Financial said. "Further, Summit desires to concentrate its resources and capital on its community banking operations, which have a consistent record of exceptional growth and profitability."