Eugene-based Summit Bank has announced a two-for-one stock split, payable in the form of a stock dividend.

“Given Summit’s strong financial results for 2013 and the increase in our stock price, the board reviewed a number of alternatives to thank our shareholders for their support over the years,” CEO Craig Wanichek said in a prepared release.

“We believed the time was right for a one-time split to reward existing shareholders and increase the stock’s marketability by making it attractive to a larger number of potential investors,” Wanichek said.

Summit Bank previously reported a profit of $1.4 million, or $1.39 per share, for the fiscal year that ended Dec. 31. This was up 120.6 percent from 2012.

Under the stock split, shareholders of record as of April 9 will receive one additional share for every share they own, the bank said.

In a stock split, the price of shares is adjusted to reflect the increased number of shares. For example, a share of stock priced at $20 before the split becomes two shares of stock priced at $10 each after the split.

The board of directors unanimously approved the stock split after the close of regular trading Monday, bank officials said Tuesday. Summit stock trades on the Over the Counter Bulletin Board under the ticker symbol SBKO.

The stock rose 53 cents per share, or 3.08 percent, to $17.75 per share, in regular trading on Tuesday — near the upper end of its 52 week range of $9.80 to $18.00 per share. A total of 1,070 shares changed hands Tuesday, more than double the average trading volume for the last three months of 410 shares per day.

Summit’s headquarters are at 96 E. Broadway. Its core customer market is professionals, local businesses and their owners.