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Burke & Herbert Financial Services Corp. - BHRB STOCK NEWS

Welcome to our dedicated page for Burke & Herbert Financial Services news (Ticker: BHRB), a resource for investors and traders seeking the latest updates and insights on Burke & Herbert Financial Services stock.

Burke & Herbert Financial Services Corp. (NASDAQ: BHRB) is the bank holding company for Burke & Herbert Bank & Trust Company, the oldest continuously operating bank in the Washington, D.C. region, established in 1852. Headquartered in Alexandria, Virginia, the bank offers a comprehensive suite of business and personal financial solutions to meet the diverse needs of its customers. Its services include banking, borrowing, and investment options, catering to individuals, families, and businesses across the Northern Virginia area, with additional commercial loan offices in Fredericksburg, Loudoun County, Richmond, and Bethesda, Maryland.

Burke & Herbert Bank is known for its unwavering commitment to customer service, indicated by its motto, “At your service,” which underscores its dedication to fostering strong, long-lasting relationships with its clients. The bank's focus on community banking is evident through its involvement in local initiatives and support for non-profits. Recent highlights include a partnership with Monumental Sports to donate $100 for every goal scored by the Washington Capitals to the Capital Youth Empowerment Program.

In a significant development, Burke & Herbert has recently merged with Summit Financial Group, Inc., bringing together two organizations committed to exceptional community banking. This merger, valued at approximately $371.5 million, combines the strengths of both banks, creating a robust financial entity with an expanded footprint and enhanced resources to better serve their customers. The merger is expected to close in the first quarter of 2024, subject to regulatory and shareholder approvals.

Financially, Burke & Herbert has demonstrated resilience and growth even amid industry challenges. As of the third quarter of 2023, the company reported net income of $4.1 million and continues to maintain a strong liquidity position. Key financial metrics include a Common Equity Tier 1 capital ratio of 16.4% and a Total risk-based capital ratio of 17.5%, both significantly above regulatory requirements.

The company also emphasizes transparency and shareholder value, as evidenced by its regular cash dividends, with the most recent being $0.53 per share, and its listing on the Nasdaq stock exchange. Burke & Herbert's strategic focus remains on delivering long-term value to its customers, employees, communities, and shareholders through continuous innovation and community involvement.

Learn more about Burke & Herbert Financial Services Corp. at www.burkeandherbertbank.com.

Rhea-AI Summary

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.

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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.

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Burke & Herbert Financial Services Corp. and Summit Financial Group, Inc. have received all regulatory approvals for their merger of equals, with the closing date set for May 3, 2024. Additionally, Burke & Herbert's annual shareholder meeting has been scheduled for July 15, 2024.
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Burke & Herbert Financial Services Corp. (Nasdaq: BHRB) reported a strong balance sheet with a $0.53 per share regular cash dividend, net income of $5.1 million for the quarter, and a total liquidity of $959.5 million. The company also announced its merger with Summit Financial Group, Inc. The financial results for the quarter ended December 31, 2023, showed a decrease in net income compared to the same quarter in 2022, but the balance sheet remains strong with ample liquidity and stable asset quality.
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Burke & Herbert Financial Services Corp. (Nasdaq: BHRB) and Summit Financial Group, Inc. (Nasdaq: SMMF) have announced the approval of their merger by their respective shareholders. The closing of the proposed merger is subject to regulatory approvals and other customary closing conditions.
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Burke & Herbert Financial Services Corp. reported financial results for Q3 2023. Net income was $4.1 million, or $0.55 per diluted share. Total loans increased by $69.6 million. The board of directors declared a $0.53 per share cash dividend. The Company and Summit Financial Group, Inc. announced a merger.
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Burke & Herbert Bank launches 'Goals for Good' campaign to support Capital Youth Empowerment Program
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Burke & Herbert Financial Services Corp. and Summit Financial Group submit regulatory filings for their merger agreement, expected to close in Q1 2024.
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Burke & Herbert Financial Services Corp. and Summit Financial Group, Inc. have entered into a definitive agreement for an all-stock merger of equals valued at approximately $371.5 million or $25.20 per share of Summit common stock. The merger will create a bank holding company with more than $8 billion in assets and a combined market capitalization of nearly $750 million. The transaction is expected to result in a combined earnings per share of approximately $7.90 in the first full year of combined operations. The combined company will have more than 75 branches across multiple states and establish a $5 million community foundation. The merger is expected to close in the first quarter of 2024, subject to customary closing conditions and regulatory approvals.
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FAQ

What services does Burke & Herbert Bank offer?

Burke & Herbert Bank provides a full range of business and personal financial solutions, including banking, borrowing, and investment services.

Where is Burke & Herbert Bank headquartered?

Burke & Herbert Bank is headquartered in Alexandria, Virginia.

What is the significance of Burke & Herbert's recent merger?

The merger with Summit Financial Group, Inc. creates a robust financial entity with enhanced resources and an expanded footprint, poised for future growth and improved customer service.

How does Burke & Herbert Bank support its community?

Burke & Herbert Bank supports its community through partnerships and donations to local non-profits, as well as involvement in local initiatives. An example is their partnership with Monumental Sports to support the Capital Youth Empowerment Program.

What is Burke & Herbert's financial condition?

As of the third quarter of 2023, Burke & Herbert reported a net income of $4.1 million, with strong capital ratios significantly above regulatory requirements.

How many branches does Burke & Herbert Bank have?

Burke & Herbert Bank operates over 20 branches throughout the Northern Virginia region, with commercial loan offices in Fredericksburg, Loudoun County, Richmond, and Bethesda, Maryland.

What are Burke & Herbert's recent financial highlights?

Recent highlights include a net income of $4.1 million for the third quarter of 2023, and a strong liquidity position with capital ratios well above regulatory requirements.

What recent achievements has Burke & Herbert made?

Recent achievements include the merger with Summit Financial Group, a strategic partnership with Monumental Sports, and continuous financial growth and stability.

Who should investors contact for more information?

Investors can contact Burke & Herbert's Investor Relations at bhfsir@burkeandherbertbank.com or by calling 703-666-3555.

What is Burke & Herbert's commitment to customer service?

Burke & Herbert is deeply committed to exceptional customer service, as indicated by their motto 'At your service,' which underscores their dedication to fostering strong, long-lasting client relationships.

Burke & Herbert Financial Services Corp.

Nasdaq:BHRB

BHRB Rankings

BHRB Stock Data

957.54M
14.85M
11.9%
12.87%
0.56%
Commercial Banking
Finance and Insurance
Link
United States of America
ALEXANDRIA