BROWN, MASSEY, EVANS, MCLEOD & HAYNSWORTH 106 WILLIAMS STREET ATTORNEYS AT LAW; PA. TELEPHONE (864) 271-7424 POST OFFICE BOX 2464 FAX (864) 242-6969 GREENVILLE, SC 29602 October 23, 2002 Summit Financial Corporation 937 N. Pleasantburg Drive Greenville, SC 29607 Re: Registration Statement on Form S-8 1999 Incentive Stock Option Plan Summit Financial Corporation Ladies and Gentlemen: You have asked us to render certain opinions with respect to the 215,000 shares of common stock (adjusted for stock dividends and splits), par value $1.00 per share, ("stock"), of the Summit Financial Corporation (the "Company") which will be registered with the Securities and Exchange Commission by the above-referenced Registration Statement on Form S-8 pursuant to the Securities Act of 1933, as amended, in connection with the Company's 1999 Incentive Stock Option Plan (the "Plan"). We have examined the Company's Articles of Incorporation, and all amendments thereto, the Company's Bylaws, and reviewed the records of the Company's corporate proceedings. We have made such other investigation of law and fact as we have deemed necessary in order to enable us to render this opinion. Based on the foregoing, we are of the opinion that: 1. The Company has been duly organized and is currently existing as a corporation in good standing under the laws of the State of South Carolina. 2. Upon (a) the aforesaid Registration Statement becoming effective; (b) the authorization by the Committee appointed by the Board of Directors thereof of the issuance and sale of the Stock; (c) the due execution and registration of the certificates for the Stock; and (d) the delivery of the Stock to the purchasers thereof against receipt of the purchase price therefor; in my opinion the Stock will have been duly authorized and legally and validly issued and will be fully paid and nonassessable. We consent to the use of this opinion as an exhibit to the Registration Statement on Form S-8. Very truly yours, BROWN, MASSEY, EVANS, McLEOD & HAYNSWORTH, PA /s/ Stanley E. McLeod - ------------------------- Stanley E. McLeod