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Poppy Bank’s parent company is dropping its bid to acquire up to a quarter of Summit State Bank. Summit State Bank’s CEO made the announcement on Monday, after Poppy Bank detailed its decision in a Federal Reserve filing on March 29th. Both banks are based in Santa Rosa. Last July, Big Poppy Holding Incorporated filed a legal notice with the federal reserve, saying it was trying to buy nearly a quarter of Summit State Bank’s common stock. Poppy Bank has bought Summit State Bank’s stock in the past, but in smaller amounts.