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Burke & Herbert Financial Services Corp. completes a merger with Summit Financial Group, Inc., and Summit Community Bank, Inc. The merger aims to create a stronger community bank focused on delivering increased value, exceptional service, and future growth.
Burke & Herbert Financial Services Corp. reported Q1 2024 results with a net income of $5.2 million, declaring a $0.53 per share dividend. The balance sheet remains strong with $758.3 million liquidity, $3.0 billion in deposits, and $2.1 billion in loans. The Company's merger with Summit Financial Group, Inc. is set to close on May 3, 2024, creating a financial holding company with over $8 billion in assets.
