ESOP · DOL Form 5500 · 2023

Summit Financial Group, Inc. ESOP

Data updated 2026-08-25

$19M
Total assets Small plan by assets
369
Participants Below avg headcount
71st
Percentile by assets National rank
$50,582
Avg per participant Low balance/head
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Official DOL plan name: Summit Financial Group, Inc. Employee Stock Ownership Plan · Sponsored by Summit Financial Group, Inc. · West Virginia · Management of Enterprises

$19M in assets, 369 participants

Summit Financial Group, Inc.'s Summit Financial Group, Inc. Employee Stock Ownership Plan reported $19M in total assets and 369 participants in its 2023 DOL Form 5500 filing, ranking in the 71st percentile by assets among filed plans. Figures are as reported by the plan sponsor to the Department of Labor, not audited or endorsed by PlainRetire.

  • #586 in Management of Enterprises (1,137 peers)

Management of Enterprises sector rank

Within Management of Enterprises, Summit Financial Group, Inc. Employee Stock Ownership Plan ranks #586 of 1,137 2023 filers by assets (1905% of the sector average)-$19M for 369 participants.

#586
in Management of Enterprises (1,137 peers)
+29.1%
assets growth YoY

Summit Financial Group, Inc. Employee Stock Ownership Plan's outsized position by total assets

Summit Financial Group, Inc. Employee Stock Ownership Plan vs every filed plan by assets

End-of-year total assets · plan year 2023 · DOL Form 5500

$18,664,856 Top 29% higher than 71% of 127,068 filed plans

This plan $0 $2,050,000,000 every filed plan with reported assets, bucketed by value

Dashed line + filled bar = this entry, among filed plans.

Source U.S. Department of Labor Form 5500 filings (EBSA) · plan year 2023

Summit Financial Group, Inc. Employee Stock Ownership Plan among mid-size filed plans by headcount

Plan-year 2023 Form 5500 filings with a reported participant count, partitioned by headcount band, not by assets. Summit Financial Group, Inc. Employee Stock Ownership Plan sits mid-pack in the medium band (369 participants).

What changed between DOL Form 5500 filings

plan year 2022 → plan year 2023

  • Summit Financial Group, Inc. Employee Stock Ownership Plan reported net income rose from -$1M in the plan year 2022 filing to $4M in the plan year 2023 filing.
  • Summit Financial Group, Inc. Employee Stock Ownership Plan end-of-year assets rose from $14M in the plan year 2022 filing to $19M in the plan year 2023 filing.
  • Summit Financial Group, Inc. Employee Stock Ownership Plan reported participants rose from 350 in the plan year 2022 filing to 369 in the plan year 2023 filing.

See the national 2022→2023 release diff →

EBSA filing schedule strip

Filing strip 550672148 · Summit Financial Group, Inc. PY 2023 · ESOP

Summit Financial Group, Inc. Employee Stock Ownership Plan · $19M · 369 · 71st

  • TYPE $19M
  • NET 369
  • BOOK 71st
  • VS-ST ESOP
  • BOY near Niblock Excavating, Inc. Employee Stock Ownership Plan
  • SCH ind #586

Stamps derive from this plan's Form 5500 line items (assets, participants, type, EIN, cohort placement) - not a quality rating of the sponsor. Read with What is an ESOP? → · Plans in West Virginia →

Summit Financial Group, Inc. Employee Stock Ownership Plan in the asset neighbourhood

Hutchens Construction Co. Employee Stock Ownership PlanHutchens Construction Co. Em…$19MSummit Financial Group, Inc. Employee Stock Ownership PlanSummit Financial Group, Inc.…$19MNiblock Excavating, Inc. Employee Stock Ownership PlanNiblock Excavating, Inc. Emp…$19MNiblock Excavating, Inc. Employee Stock Ownership PlanNiblock Excavating, Inc. Emp…$19MGleason Research Associates, Inc. ESOPGleason Research Associates,…$19M
End-of-year total assets ($M) among Summit Financial Group, Inc. Employee Stock Ownership Plan and nearest nationwide ESOP peers. Source: DOL Form 5500 plan year 2023.

Management of Enterprises filing particulars

Total Assets (Beginning of Year)$14M
Net Assets (End of Year)$19M
Net Income$4M
Employer EIN550672148
Plan Effective Date1989-01-01
Filing StatusFILING RECEIVED

Sponsor Plan History (Summit Financial Group, Inc.)

Sponsor-wide plan assets over time

All Summit Financial Group, Inc. plans reported in each filing year

Latest sponsor-wide plan assets
$389K 99.23763653215958% vs 2022
2024 filing year
$0M$20M$40M$60M$80M 202220232024 $51M $0.39M ▼ -99.2%
Year Plans Participants Total Assets
2022 2 782 $51M
2023 2 806 $62M
2024 1 358 $389K

Nearby ESOP Plans in West Virginia

Peer ESOP plans, same state, same plan type, ranked by total assets.

Summit Financial Group, Inc. Employee Stock Ownership Plan vs. nearby ESOP plans in West Virginia, assets vs. participants Scatter plot of 6 data points. -5000500100015002000 020406080100 Total assets ($M) Participants Summit Financial Group, Inc. Employee Stock Ownership Plan, Total assets ($M): 18.664856 · Participants: 369Summit Financial Group, Inc. Employee Stock Ownership PlanTriton Employee Stock Ownership Plan, Total assets ($M): 81.933827 · Participants: 61Triton Employee Stock Ownership PlanPort Amherst, Ltd. Employee Stock Ownership Plan, Total assets ($M): 42.811968 · Participants: 325Port Amherst, Ltd. Employee Stock Ownership PlanMulberry's Independent Home Services, Inc. Employee Stock Ownership Plan, Total assets ($M): 36.78 · Participants: 1687Mulberry's Independent Home Services, Inc. Employee Stock Ownership PlanWeirton Geriatric Center, Inc. Employees' Stock Ownership Plan, Total assets ($M): 29.237019 · Participants: 137Weirton Geriatric Center, Inc. Employees' Stock Ownership PlanCgp Foods Inc. Employee Stock Ownership Plan, Total assets ($M): 20.596104 · Participants: 282Cgp Foods Inc. Employee Stock Ownership Plan
Summit Financial Group, Inc. Employee Stock Ownership Plan vs. nearby ESOP plans in West Virginia, assets vs. participants
Compare Summit Financial Group, Inc. Employee Stock Ownership Plan side-by-side with 3 peers →

Summit Financial Group, Inc. Employee Stock Ownership Plan's out-of-state ESOP peers by assets and headcount

Outside West Virginia, the nearest ESOP by assets is Niblock Excavating, Inc. Employee Stock Ownership Plan in IN ($19M); by covered participants it is New England Biolabs, Inc. Voting Stock Ownership Plan in MA (369 participants). Same-state nearby plans are listed separately above.

Similar participant headcount

Nearest other-state filings by covered participants (369 participants); asset peers above are excluded.

DOL Form 5500 plan year 2023. Asset totals can differ widely at the same headcount; neither axis is a quality rating.

Frequently Asked Questions

How did Summit Financial Group, Inc. Employee Stock Ownership Plan assets move in 2023? ▼
Summit Financial Group, Inc. Employee Stock Ownership Plan grew sharply - up 29.1% during 2023, from $14M to $19M. Reported net income was $4M.
How have Summit Financial Group, Inc. plan assets changed over time? ▼
Across 3 plan years on file (2022-2024), Summit Financial Group, Inc.'s sponsor-wide assets declined 99.2%, from $51M to $389K.
Which ESOP plans are similar in size to Summit Financial Group, Inc. Employee Stock Ownership Plan? ▼
Among ESOP plans in other states, the closest by assets is Niblock Excavating, Inc. Employee Stock Ownership Plan in IN ($19M, 96 participants).
Which ESOP plans cover a similar participant headcount to Summit Financial Group, Inc. Employee Stock Ownership Plan? ▼
Among ESOP plans in other states, the closest by covered participants is New England Biolabs, Inc. Voting Stock Ownership Plan in MA (369 participants, $100M in assets).

Source: U.S. Department of Labor, Employee Benefits Security Administration (EBSA), Form 5500 public disclosure dataset. Plan year 2023.

Source: DOL EFAST2 filing system (efast.dol.gov) - original filing retrieval by EIN 550672148.

Read our methodology - how this data is sourced, computed, and verified.

Data sourced from U.S. Department of Labor Form 5500 filings (EBSA). See our methodology for details.