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Summit Financial Group to Conclude Rights Offerings of Series 2011 Preferred Stock Today; Extends Subscription Period for Supplemental Public Offering to November 30, 2011

MOOREFIELD, W.V., Oct. 31, 2011 (GLOBE NEWSWIRE) -- As previously announced, Summit Financial Group, Inc. ("Summit") (Nasdaq:SMMF) will conclude the subscription period of its present offering of 8% Non-Cumulative Convertible Preferred Stock, Series 2011 ("Series 2011 Preferred Stock") pursuant to subscription rights distributed to its common shareholders (the "Rights Offering") today at 5:00 p.m., Eastern Time.

However, Summit is announcing today that it is extending until November 30, 2011 the subscription period for its present offering of Series 2011 Preferred Stock to the public in an offering supplemental to the Rights Offering (the "Supplemental Offering"). Accordingly, the Supplemental Offering will now expire at 5:00 p.m., Eastern Time, on November 30, 2011.

For further information regarding the Rights Offering and Supplemental Offering, please see the Prospectus Supplement filed by Summit with the Securities and Exchange Commission on July 27, 2011, and as amended on October 28, 2011.

About the Company

Summit Financial Group, Inc. is a $1.46 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and South Central regions of West Virginia and the Northern and Shenandoah Valley regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates fifteen banking locations. Summit also operates Summit Insurance Services, LLC in Moorefield, West Virginia and Leesburg, Virginia.

The Summit Financial Group, Inc. logo is available at

This press release is not and should not be construed as an offer to sell or a solicitation of an offer to buy the Series 2011 Preferred Stock.

CONTACT: Teresa D. Ely, Director of Shareholder Relations
         Telephone: (304) 530-0526

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