SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Rule 13d-101
Under the Securities Exchange Act of 1934
(Amendment No. __)*
Summit Financial Group
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(Name of Issuer)
Common
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(Title of Class of Securities)
86606g
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(CUSIP Number)
Teresa Ely
300 N MAIN ST
PO Box 179
MOOREFIELD, WV 268361130
(304) 538-0526
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(Name, Address and Telephone Number of Person Authorized
to Receive Notices and Communications)
03/30/2009
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(Date of Event which Requires Filing of this Statement)
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If the filing person has previously filed a statement on Schedule 13G to
report the acquisition that is the subject of this Schedule 13D, and is filing
this schedule because of ss. 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check
the following box. |X|
NOTE: Schedules filed in paper format shall include a signed original and
five copies of the schedule, including all exhibits. See Rule 13d-7 for other
parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 4 Pages
CUSIP No. 86606g
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(1) Names of reporting persons.
Crites, John
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(2) Check the appropriate box if a member of a group (see instructions) (a)|_|
(b)|_|
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(3) SEC use only.
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(4) Source of funds (see instructions).
PF ,OO
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(5) Check if disclosure of legal proceedings is required pursuant to Items |_|
2(d) or 2(e).
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(6) Citizenship or place of organization.
United States
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Number of shares beneficially owned by each reporting person with:
(7) Sole voting power:
232,024
(8) Shared voting power:
316,792
(9) Sole dispositive power:
232,024
(10) Shared dispositive power:
316,792
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(11) Aggregate amount beneficially owned by each reporting person.
548,816
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(12) Check if the aggregate amount in Row (11) excludes certain shares |_|
(see instructions).
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(13) Percent of class represented by amount in Row (11).
7.40%
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(14) Type of reporting person (see instructions).
IN
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Page 2 of 4 Pages
Item 1. Security and Issuer.
The class of equity securities to which this Statement relates is
the Common Stock, par value $ 2.50 per share (the "Shares"), of
Summit Financial Group, Inc. a West Virginia corporation ("Summit"),
whose principal executive offices are at 300 North Main Street,
Moorefield, WV 26836.
Item 2. Identity and Background.
(a) John W. Crites
(b) PO Box 867
Airport Road
Petersburg, WV 26847
(c) John W. Crites is a principal shareholder and Chairman of
Allegheny Wood Products, Inc., a company engaged in the hardwood
manufacturing and sales business. Allegheny Wood Products, Inc.
is located at P.O. Box 867, Airport Road, Petersburg, West
Virginia 26847.
(d) During the last five years, Mr. Crites has not been convicted
in a criminal proceeding (excluding traffic violations or similar
misdemeanors).
(e) Mr. Crites has not been a party to a civil proceeding of a
judicial or administrative body of competent jurisdiction as a
result of which any such person was or is subject to a judgment,
decree or final order enjoining future violations of, or
prohibiting or mandating activities subject to, federal or state
securities laws or finding any violation with respect to such
laws.
(f) United States
Item 3. Source and Amount of Funds or Other Consideration.
The source of funds for acquiring 357,576 of the Shares was personal
funds of Mr. Crites and his spouse. 191,240 of the Shares jointly
held by Mr. Crites and his spouse were transferred to Mr. Crites and
his spouse by Allegheny Wood Products, Inc., a corporation owned
solely by Mr. Crites and his spouse.
Item 4. Purpose of Transaction.
The shares have been acquired for investment purposes. Mr. Crites
does not have any present plans or proposals which relate to or would
result in: (i) the acquisition by any person of additional securities
of the Company, or the disposition of securities of the Company; (ii)
an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving the Company or any of its
subsidiaries; (iii) a sale or transfer of a material amount of assets
of the Company or any of its subsidiaries; (iv) any change in the
present board of directors or management of the Company, including
any plans or proposals to change the number or term of directors or
to fill any existing vacancies on the board; (v) any material change
in the present capitalization or dividend policy of the Company; (vi)
any other material change in the Company's business or corporate
structure; (vii) changes in the Company's charter, by-laws, or other
instruments corresponding Company to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities
association; (ix) a class of equity securities of the Company
becoming eligible for termination of registration pursuant to Section
12(g) (4) of the Securities Exchange Act of 1934; or (x) any action
similar to any of those enumerated above.
Item 5. Interest in Securities of the Issuer.
(a) Mr. Crites owns an aggregate of 548,816 shares or 7.40% of
Summit Stock
(b) Mr. Crites has sole voting and dispositive power over 232,024
of the Shares. He shares voting and dispositive power over
316,792 of the Shares with his wife, Patricia Crites. Patricia
Crites is a principal shareholder and Secretary of Allegheny Wood
Products, Inc., a company engaged in the hardwood manufacturing
and sales business. Allegheny Wood Products, Inc. is located at
P.O. Box 867, Airport Road, Petersburg, West Virginia 26847.
During the last five years, Mrs. Crites has not been convicted in
a criminal proceeding (excluding traffic violations or similar
misdemeanors) nor has Mrs. Crites been a party to a civil
proceeding of a judicial or administrative body of competent
jurisdiction as a result of which any such person was or is
subject to a judgment, decree or final order enjoining future
violations of, or prohibiting or mandating activities subject to,
federal or state securities laws or finding any violation with
respect to such laws. Mrs. Crites is a citizen of the United
States.
(c) Not Applicable
(d) Mr. Crites' spouse has the right to receive or the power to
direct the receipt of dividends from, or the right to receive the
proceeds from the sale of 316,792 of the Shares jointly owned by
them.
(e) Not Applicable
Item 6. Contracts, Arrangements, Understandings or Relationships With Respect to
Securities of the Issuer.
On March 30, 2009, Summit Financial Group, Inc. issued subordinated
debt in the amount of $5,000,000 to Allegheny Wood Products, Inc.
Under the terms of the subordinated debt, Summit will pay the
principal sum of $5,000,000 to Allegheny on March 31, 2019. Summit
will pay interest on the subordinated debt at a rate of 10% per
annum. The subordinated debt may be redeemed at Summit's option on
any interest payment date on or after April 1, 2014.
Item 7. Material to be Filed as Exhibits.
Not Applicable
Page 3 of 4 Pages
After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and correct.
Date: 03/31/2009 /s/ John W. Crites
Name: John W. Crites
Title: Director
The original statement shall be signed by each person on whose behalf the
statement is filed or his authorized representative. If the statement is signed
on behalf of a person by his authorized representative (other than an executive
officer or general partner of the filing person), evidence of the
representative's authority to sign on behalf of such person shall be filed with
the statement: Provided, however, That a power of attorney for this purpose
which is already on file with the Commission may be incorporated by reference.
The name and any title of each person who signs the statement shall be typed or
printed beneath his signature.
ATTENTION--Intentional misstatements or omissions of fact constitute Federal
criminal violations (See 18 U.S.C. 1001). (Secs. 13(d), 13(g), 14(d), 23, 48
Stat. 894, 895, 901; sec. 8, 49 Stat. 1379; sec. 203(a), 49 Stat. 704; sec. 10,
78 Stat. 88a; Secs. 2, 3, 82 Stat. 454, 455; secs. 1, 2, 3-5, 84 Stat. 1497;
sec. 18, 89 Stat. 155; secs. 202, 203, 91 Stat. 1494, 1498, 1499; 15 U.S.C.
78m(d), 78m(g), 78n(d), 78w) [44 FR 2145, Jan. 9, 1979; 44 FR 11751, Mar. 2,
1979; 44 FR 70340, Dec. 6, 1979; 47 FR 11466, Mar. 16, 1982; 61 FR 49959, Sept.
24, 1996; 62 FR 35340, July 1, 1997; 63 FR 2867, Jan. 16, 1998; 63 FR 15287,
Mar. 31, 1998]
Page 4 of 4 Pages