Summit Financial (SMMF) 8-K Completion of Acquisition or Disposition of Assets

Exhibit 99.1

FOR RELEASE 6:00 AM ET, January 2, 2020

Contact:Robert S. Tissue, Sr. Vice President & CFO

Telephone:(304) 530-0552

Email:rtissue@summitfgi.com

SUMMIT FINANCIAL GROUP, INC. COMPLETES ITS ACQUISITION OF CORNERSTONE FINANCIAL SERVICES, INC. AND SUBSIDIARY, CORNERSTONE BANK, INC.

MOOREFIELD, WV - January 2, 2020 (GLOBE NEWSWIRE) - Summit Financial Group, Inc. (“Summit”) (NASDAQ: SMMF) announces completion, effective January 1, 2020, of the acquisition by its subsidiary Summit Community Bank, Inc. of Cornerstone Financial Services, Inc. and its subsidiary, Cornerstone Bank, Inc., headquartered in West Union, West Virginia.

The former Cornerstone Bank, Inc. offices will continue to operate under that name until close of business on Friday, March 20, 2020, and will commence operating under the name Summit Community Bank, Inc. on Monday, March 23, 2020.

About Summit

Summit Financial Group, Inc. is a $2.32 billion financial holding company headquartered in Moorefield, West Virginia. Summit provides community banking services primarily in the Eastern Panhandle and Southern regions of West Virginia and the Northern, Shenandoah Valley and Southwestern regions of Virginia, through its bank subsidiary, Summit Community Bank, Inc., which operates thirty-six banking locations.