[X]    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

          EXCHANGE ACT OF 1934

          For the quarterly period ended September 30, 2002

OR

[  ]     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

          EXCHANGE ACT OF 1934

          For the transition period from                          to                                       

                   Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer's classes of capital stock, as of the latest practicable date.

The Exhibit Index Appears on Page 22

ITEM 1.          FINANCIAL STATEMENTS
SUMMIT BANK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

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SUMMIT BANK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED INCOME STATEMENTS
(Unaudited)

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SUMMIT BANK CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

See Accompanying Notes to Condensed Consolidated Financial Statements.

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SUMMIT BANK CORPORATION AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

This quarterly report contains forward-looking statements and information relating to our subsidiaries and us. The words "believes," "expects," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" or similar terminology identify forward-looking statements. These statements reflect management's beliefs and assumptions, and are based on information currently available to management. Because these statements reflect the current views of management concerning future events, they involve risks, uncertainties and assumptions, including the risk that unanticipated changes in the interest rate environment could reduce our margins, competition or general economic conditions could be worse than we expect, and legislative or regulatory changes could adversely affect our business. Actual results may differ significantly from the results discussed in the forward-looking statements. We undertake no obligation to update publicly any forward-looking statement for any reason, even if new information becomes available.

In reviewing and understanding financial information for the Company, you are encouraged to read and understand the significant accounting policies which are used in preparing the consolidated financial statements of the Company. These policies are described in Note 1 to the consolidated financial statements which were presented in the Company's 2001 Annual Report on Form 10-K. Of these policies, Management believes that the accounting for the allowance for loan losses is the most critical.

Losses on loans result from a broad range of causes from borrower specific problems, to industry issues, to the impact of the economic environment. The identification of these factors that lend to default or non-performance under a borrower loan agreement and the estimation of loss in these situations are very subjective. In addition, a dramatic change in the performance of one or a small number of borrowers can have a significant impact on the estimate of losses. As described further below, Management has implemented a process that has been applied consistently to systematically consider the many variables that impact the estimation of the allowance for loan losses.

When reviewing the allowance for loan losses, it is important to understand to whom the Company lends. The loan portfolio is primarily comprised of loans to small businesses. In particular, the Company has developed lending niches in a number of industries, the most prevalent of which include restaurants, convenience stores, and strip shopping centers. The risk to lending to these types of businesses is that they typically are more vulnerable to changes in economic conditions. The Company has mitigated the risk to these types of borrowers in several ways. First a large portion of these loans is supported by government guarantees obtained from the Small Business Association. Secondly, the majority of the Company's loans are well secured with marketable real estate, and thirdly, the Company performs in-depth economic analyses on these industries in order to remain abreast of current trends and conditions.

The allowance for loan losses methodology is based on a loan classification system. For purposes of determining the required allowance for loan losses and resulting periodic provisions, the Company segregates the loan portfolio into broad segments, such as: consumer, commercial and SBA loans. The Company provides for a general allowance for losses inherent in the portfolio for each of the above categories. The general allowance for losses is determined based on estimates of inherent losses that are probable as of the evaluation date. Loss percentages used for this portion of the portfolio are generally based on historical loss factors adjusted where necessary for qualitative factors. The general allowance for losses on problem loans in these categories is based on a review and evaluation of these loans, taking into consideration financial condition and strengths of the borrower, related collateral, cash flows available for debt repayment, and known and expected economic trends and conditions. General loss percentages for the problem loans are determined based upon historical loss experience and regulatory requirements. For loans considered impaired, specific allowances are provided in the event that the specific collateral analysis on each problem loan indicates that the probable loss upon liquidation of collateral would

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be in excess of the fair value of the collateral if the loan is collateral dependent or if the present value of expected future cash flows are less than the loan balance. In addition to these allocated portions of the allowance, the Company has established an unallocated allowance of $257,000 at September 30, 2002. The unallocated allowance is based on a number of qualitative factors, such as migration trends in the portfolio, trends in volume, the risk identification process, changes in the outlook for local and regional economic conditions and concentrations of credit.

The Company reported third quarter net income of $1,019,000, compared to $549,000 for the third quarter of 2001, an increase of 102%. The primary reason for the significant increase in earnings was the improvement in net interest income resulting from lower funding costs. Contributing to higher noninterest income in the third quarter of 2002 was a gain on the termination of an interest rate swap agreement and income recognized from the increase in cash surrender value of Bank Owned Life Insurance ("BOLI") contracts. Net earnings per share (diluted) for the third quarter of 2002 were $.59 compared to $.28 for third quarter 2001.

For the nine-month periods ended September 30, 2002 and 2001, the Company reported net earnings of $2,975,000 and $1,957,000, respectively. Stronger noninterest income, as well as improvements in net interest income resulting from lower funding costs were the primary reasons for the 52% increase in net earnings. Net earnings per share (diluted) for the comparable nine-month periods were $1.58 and $.99 at September 30, 2002 and 2001, respectively. Stock repurchases of 69,735 shares of common stock during first quarter 2002 also enhanced earnings per share performance. The strong earnings recorded this year to date resulted in a return on average assets of 1.09% compared to .81% through September 30, 2001, as well as a return on average equity of 14.37% compared to 9.76% last year through September 30.

Assets continued to grow at a steady rate of 12% this year with a total at September 30, 2002 of $382 million. Total assets grew $9 million, or 2%, in the current quarter. The primary contributor to balance sheet growth this year has been new loan volume which has remained strong despite the sluggish economy. Total loans reached $250 million at September 30, 2002, up 16% from year-end 2001, and 6% from June 30, 2002. The $13 million increase in loans this quarter was funded through a combination of deposit growth and use of available federal funds sold, resulting in an increase in the loan to deposit ratio to 78.2% from 75.6% at June 30, 2002.  Increases in loans this year were also partially funded by a $10 million increase in Federal Home Bank advances.

Total deposits increased to $320 million at September 30, 2002, a 9% increase from $295 million at year-end 2001, and 2% increase since June 30, 2002. During the current quarter, noninterest-bearing demand deposits increased $2.7 million while interest-bearing demand increased $5.6 million. Certificates of deposit balances remained flat for the quarter while savings deposits declined $1.7 million. Average noninterest-bearing deposits have increased $2.3 million compared to last year, which adds to the improved net interest margin. Other borrowed funds increased earlier this year with an additional $10 million advanced under a credit line with the Federal Home Loan Bank ("FHLB") for a total advance of $20 million.

Net interest income for the third quarter of 2002 was $3.5 million, a 13% increase from $3.1 million in the same period last year. While interest income for the current quarter declined $324,000 compared to the same period last year due to an overall lower rate environment, interest expense reflected a more significant decline of $735,000 as high-rate certificates of deposit and other funding sources repriced to the Company's benefit. Continued growth in loans helped to offset some of the decline in interest income due to interest rate reductions. Most of the Company's loans are indexed to the Prime rate which declined throughout 2001 until it stabilized at 4.75% in fourth quarter 2001. For the comparable nine-month periods, net interest income increased $635,000 to $10.2 million, an increase of 7%. For the same reasons as discussed for the quarter, the decline in interest

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expense this year was much greater than the decline in interest income. The Company's net interest margin for the current year to date was 4.04% compared to 4.29% for the same period last year since the rate environment was much higher in the early 2001. The net interest margin has been stable at just above 4% for the past six months.

Noninterest income for the third quarter at $1,077,000 increased from $704,000 reported for the third quarter last year. This increase was primarily due to an increase in cash surrender value of BOLI contracts purchased in fourth quarter 2001, a net gain on the termination of an interest rate swap agreement, and higher service charge fee income. The increase in the BOLI contracts provided an additional $107,000 during third quarter, and has provided $324,000 in benefit this year to date. In August 2002, the Company terminated an interest rate swap agreement that was originally entered into as a hedge but became ineffective in the second quarter and was no longer considered a hedge. The net realized gain on the termination was $95,000. Service charges and non-sufficient funds charges also increased $49,000 and $80,000, respectively, for the comparable three-month periods. Service charges increased principally as a result of a revised fee schedule that was implemented in first quarter 2002. The increase in non-sufficient funds charges is volume-related. For the comparable nine-month periods, there were similar increases in service charges of $152,000 and non-sufficient funds charges of $199,000.

Noninterest expenses were $2.7 million in the current quarter, which was flat compared to the third quarter last year, a marked improvement reflecting Management's resolve to control overhead costs. While personnel expenses increased $106,000 from normal salary increases and bonus accruals, other operating expenses declined $136,000 mainly due to decreases in legal fees and other professional fees related to loan collection efforts. For the year to date, noninterest expenses were also relatively flat. This has had a positive impact on the Company's overhead efficiency ratio, operating expenses as a percentage of net interest income and other operating income, at 62% compared to 69% through September last year. For the third quarter, the Company's efficiency ratio was 58%.

Despite the slowing economy, quality indicators of the loan portfolio have remained strong. Non-performing assets were $521,000 at September 30, 2002 compared to $463,000 at year-end 2001. Approximately $307,000 of the $521,000 in non-performing assets was guaranteed by the Small Business Administration. Additionally, approximately $141,000 of the non-performing amount at September 30, 2002 consisted of a foreclosed parcel of commercial property. As a percentage of total loans and other real estate owned, non-performing assets represented .21%, at both September 30, 2002 and December 31, 2001. Net of the SBA guaranteed balances, non-performing assets represented only .08% of total loans and other real estate owned at September 30, 2002. Management considers the current level of non-performing assets at a very manageable level. There were no loans past due 90 days or more as to principal or interest payments and still accruing at September 30, 2002.

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The allowance for loan losses represents an accrual for probable loan losses in the loan portfolio. The adequacy of the allowance for loan losses is evaluated periodically based on a review of all significant loans, with particular emphasis on impaired, non-accruing, past due, and other loans that Management believes require special attention. The determination of the allowance for loan losses is subjective and considered a critical accounting policy of the Company. For a discussion of the Company's methodology for determining the allowance, see "Critical Accounting Policies" above.

The allowance for loan losses increased to $3.3 million at September 30, 2002 from $3.2 million at year-end 2001, an increase of 3.5%. The increase was due primarily to growth in the loan portfolio during 2002 since overall loan quality indicators showed improvement. Combined criticized and classified assets at September 30, 2002 were $3.9 million compared to $4.3 million at December 31, 2001, indicating overall improvement in loan quality. Gross charged off loans for the year to date through September 30, 2002 totaled $794,000, while recoveries for the period totaled $136,000, for an annualized net charge-off rate of .37% of average total loans. The net charge-off rate for the first nine months of 2001 was .24%.

The provision for third quarter 2002 was $194,000 compared to $300,000 for the same period in 2001. The total provision for this year was $771,000, $96,000 more than last year to date due to continued growth. The reduction in the quarterly provision was a result of the decline in non-performing loans and delinquencies from third quarter 2001.

The allowance for loan losses represented 1.32% and 1.47% of total loans outstanding at September 30, 2002 and December 31, 2001, respectively. The decrease is reflective of improved credit quality. The determination of the allowance for loan losses rests upon management's judgment about factors affecting loan quality, assumptions about the economy, and other factors; however, management's judgment is based upon a number of assumptions, which are believed to be reasonable, but which may or may not prove valid. Thus, there can be no assurance that charge-offs in future periods will not exceed the allowance for loan losses or that additional increases in the allowance for loan losses will not be required. In addition, various regulatory agencies, as an integral part of their examination process, periodically, review the Company's allowance for loan losses. Such agencies may require the Company to recognize additions to the allowance based on their judgments about information available to them at the ti me of their examination.

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The following table represents an analysis of the Company's allowance for loan losses including the provision for loan losses and net loan charge-offs for the nine months ended September 30, 2002 and 2001.

Based on an analysis performed by management at September 30, 2002, the allowance for loan losses is considered to be adequate to cover loan losses in the portfolio as of that date. However, because of the inherent uncertainty of the assumptions we use in our loan analyses, management cannot assure that loan losses in future periods will not exceed the allowance for loan losses or that additional allocations to the allowance will not be required.

Interest rate swap transactions generally involve the exchange of fixed and floating rate interest rate obligations without the exchange of underlying principal amounts. Entering into interest rate contracts involves not only interest rate risk, but also the risk of counterparties' failure to fulfill their legal obligation. Notional principal amounts often are used to express the volume of these transactions, but the amounts potentially subject to credit risk are much smaller.

In 2001, the Company entered into two interest rate swap agreements. A variable rate interest rate swap with a notional amount of $5,000,000 was designated as a hedge against the change in fair value of $5,000,000 of fixed rate FHLB advances. The interest rate swap changed the fixed rate debt obligation to variable cash flows. As the interest rate swap qualified as a fair value hedge, the Company marked both the interest rate swap and the FHLB advance to fair value. In second quarter 2002, the fair value hedge was deemed ineffective due to differences between the critical terms of the interest rate swap and the hedged debt obligation resulting in an impact to earnings. In third quarter, the hedge was terminated due to its ineffectiveness

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which created the probability of significant quarterly volatility to future earnings. The net gain resulting from the termination of the interest rate swap was $95,000, recorded as other income. The elimination of the potential earnings volatility was deemed to be more critical than the future impact on interest expense.

A fixed rate interest rate swap with a notional amount of $25,000,000 was entered into to reduce the interest rate risk on certain variable rate loans. The interest rate swap changed the variable-rate cash flow exposure on a portion of the loan portfolio to fixed cash flows. At the date of inception of the swap it was designated as a trading instrument, and, as a result, any fluctuations in fair value of the interest rate swap was recorded in earnings. For the year-ended December 31, 2001, the Company recorded an unrealized loss of $275,000 due to the decline in fair value of the interest rate swap. In January 2002, the Company recorded an unrealized gain of $296,000 due to the increase in fair value of the interest rate swap and subsequently designated the interest rate swap as a hedge of certain variable cash flows, thus eliminating the requirement to record future changes in fair value of the swap in earnings.

The Bank's loan growth during the last nine months has largely been met through deposit growth and FHLB advances. At September 30, 2002, the Bank's liquidity (liquid assets as a percentage of total deposits) was 36% compared to 39% at December 31, 2001. Through September 30, 2002, the Company's average net loan to average deposit ratio for the year was 78%, up from 73% at year-end. Management analyzes the level of off-balance sheet assets and liabilities, such as unfunded loan commitments and outstanding letters of credit, as they relate to the levels of cash, cash equivalents, liquid investments, and available federal funds lines to ensure that a potential shortfall does not arise. Additionally, the Bank increased its borrowing capacity under a secured line of credit available from the Federal Home Loan Bank of Atlanta, to $50 million from $25 million. The total amount of advances outstanding under this line at September 30, 2002 was $20 million, $10 million of which is a 6-month advance, maturing i n January 2003. Based on this analysis, management believes that the Company has adequate liquidity to meet short-term operational requirements.

Stockholders' equity of the Company increased a net of $2.8 million during the first nine months of 2002, to $30.2 million. This increase was primarily the result of an increase in other comprehensive income of $2 million from year-end 2001. The Company paid $1 million in cash dividends to its shareholders during the first nine months of 2002, representing $.54 per share.

The capital level of the Bank exceeds all prescribed regulatory capital guidelines. Regulations require that the most highly rated banks maintain a minimum Tier 1 leverage ratio of 3%, and require other banks to maintain a minimum Tier 1 leverage ratio of 3% plus an additional cushion of at least 1 to 2 percentage points. Tier 1 capital consists of stockholders' equity less certain intangible assets. The Bank's Tier 1 leverage ratio was 7.0% at September 30, 2002 compared to 7.3% at year-end 2001. Regulations require that the Bank maintain a minimum total risk weighted capital ratio of 8% with 50%, or 4%, of this amount made up of Tier 1 capital. Risk-weighted assets consist of balance sheet assets adjusted by risk category and off-balance sheet asset equivalents similarly adjusted. At September 30, 2002, the Bank had a risk-weighted total capital ratio of 11.3% and a Tier 1 risk-weighted capital ratio of 10.0%, slightly below year-end 2001 ratios of 11.7% and 10.5%, respectively.

In addition to the Company's contractual obligations such as deposits, FHLB advances and other borrowed funds, the Company has commitments to its customers under lines of credit. The total of these commitments at September 30, 2002 was approximately $26 million. The lines include conventional revolving lines of credit that consist of commercial working capital lines that renew annually. Commitments also include annually renewing international lines for letters of credit availability. There are commitments under lines of credit which are not revolving that are used by customers for specific purposes, as well as various types of consumer lines of credit. These include lines secured by mortgages on residential real estate and

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unsecured revolving credit lines. Although Management regularly monitors the balance of outstanding commitments to ensure funding availability should the need arise, historical records indicate that the total of outstanding commitments is a very consistent amount, and the risk of all customers fully drawing on all these lines at the same time is remote.

The following table is a summary of the Company's commitments to extend credit, commitments under contractual leases, as well as the Company's contractual obligations, consisting of deposits, FHLB advances and borrowed funds, by contractual maturity date.

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As of September 30, 2002, there were no substantial changes from the interest rate sensitivity analysis or the market value of portfolio equity for various changes in interest rates calculated as of December 31, 2001. The foregoing disclosures related to the market risk of the Company should be read in conjunction with the Company's audited consolidated financial statements, related notes and management's discussion and analysis of financial condition and results of operations for the year-ended December 31, 2001 included in the Company's 2001 Annual Report on Form 10-K.

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Within 90 days prior to the date of this report, the Company carried out an evaluation, under the supervision and with the participation of the Company's management, including the Company's Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rule 13a-14.  Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that the Company's disclosure controls and procedures are effective in timely alerting them to material information relating to the Company (including its consolidated subsidiaries) that is required to be included in the Company's periodic filings with the Securities and Exchange Commission.  There have been no significant changes in the Company's internal controls or, to the Company's knowledge, in other factors that could significantly affect those internal controls subsequent to the date the Company carried out its evaluation, and there have been no corrective actions with respect to significant deficiencies and material weaknesses.

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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed by the undersigned, thereunto duly authorized.

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CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Each of the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that this Quarterly Report on Form 10-Q for the quarter ended September 30, 2002 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and the information contained in such report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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I, Pin Pin Chau, Chief Executive Officer of Summit Bank Corporation, certify that:

Date: October 28, 2002

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I, Gary K. McClung, Chief Financial Officer of Summit Bank Corporation, certify that:

Date: October 28, 2002

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