Burke & Herbert Financial Services Corp. Announces Effectiveness of Registration Statement on Form 10 and Listing on Nasdaq Capital Market®

Rhea-AI Summary

Burke & Herbert Financial Services Corp. (BHRB) announced that the SEC has declared its Form 10 Registration Statement effective, allowing its common stock to trade on the Nasdaq Capital Market starting April 26, 2023. This transition aims to enhance shareholder value by providing greater access to capital, increasing trading volume, and improving liquidity. The company emphasizes that this move aligns with its growth strategy aimed at long-term benefits for shareholders. Burke & Herbert Bank operates in the greater Washington DC area, focusing on comprehensive banking solutions with over 20 branches in Northern Virginia.

Positive

• Effective SEC Form 10 Registration allows trading on Nasdaq, enhancing liquidity.
• Expected increased trading volume potentially attracts more investors.
• Strategic move aligns with long-term growth objectives for shareholders.

Negative

• None.

ALEXANDRIA, Va., April 25, 2023 /PRNewswire/ -- Burke & Herbert Financial Services Corp. (the "Company") (Nasdaq: BHRB), the bank holding company for Burke & Herbert Bank & Trust Company, announced that its Registration Statement on Form 10 has been declared effective by the United States Securities and Exchange Commission (the "SEC") and that its common stock will begin trading on the Nasdaq Capital Market^® effective with the opening of trading on April 26, 2023. Shares of the Company's common stock will continue to trade under the symbol "BHRB", the same symbol under which the Company's securities were previously quoted on OTC Markets.

From David P. Boyle, Company Chair, President and Chief Executive Officer

"Today's announcement is consistent with our overall growth strategy that is designed to deliver enhanced long-term value for our shareholders. We believe taking these actions will create additional access to capital, increase trading volume, provide better liquidity for our shareholders, and create greater visibility within the investor community."

Burke & Herbert Financial Services Corp. is the bank holding company for Burke & Herbert Bank & Trust Company. Burke & Herbert Bank & Trust Company is the oldest continuously operating bank under its original name headquartered in the greater Washington DC Metro area. The Bank offers a full range of business and personal financial solutions designed to meet customers' banking, borrowing, and investment needs and has over 20 branches throughout the Northern Virginia region and commercial loan offices in Fredericksburg, Loudoun County, Richmond, and in Bethesda, Maryland. Learn more at www.burkeandherbertbank.com. 

Member FDIC; Equal Housing Lender

Cautionary Note Regarding Forward-Looking Statements

This press release may contain certain forward-looking statements that are based on certain assumptions and describe future plans, strategies and expectations of the Company and the Bank, including with respect to the listing of the Company's shares on the Nasdaq stock exchange and the timing and benefits thereof. These forward-looking statements are generally identified by use of the words "believe," "expect," "intend," "anticipate," "estimate," "project," "will," "should," "may," "view," "opportunity," "potential," or similar expressions or expressions of confidence. The Company's ability to predict results or the actual effect of future plans or strategies is inherently uncertain. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Media Contact: Jane Petty, 703-216-5491, jpetty@burkeandherbertbank.com
Investor Contact: Roy E. Halyama, 703-549-2304, rhalyama@burkeandherbertbank.com

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SOURCE Burke & Herbert Bank

FAQ

When will Burke & Herbert Financial Services Corp. start trading on Nasdaq?

Burke & Herbert Financial Services Corp. will start trading on Nasdaq on April 26, 2023.

What does the SEC declaring Form 10 effective mean for BHRB?

The SEC declaring Form 10 effective means that Burke & Herbert Financial Services Corp. can now list its common stock on the Nasdaq Capital Market.

How will the Nasdaq listing benefit shareholders of BHRB?

The Nasdaq listing is expected to provide better liquidity, increased trading volume, and greater visibility in the investor community.

What is the ticker symbol for Burke & Herbert Financial Services Corp. on Nasdaq?

The ticker symbol for Burke & Herbert Financial Services Corp. on Nasdaq is BHRB.