Burke & Herbert Bank & Trust Company to Consolidate Workforce in Newly Acquired Kingstowne Office

Rhea-AI Summary

Burke & Herbert Bank has acquired a new office building at 5680 King Centre Drive in Alexandria, Virginia, to enhance collaboration and support its growth strategy. This move consolidates a portion of the workforce currently spread across various locations, aiming for improved operational efficiency. The new office, certified as a LEED Gold level building, will accommodate employees from multiple departments, increasing visibility for the bank. The acquisition aligns with the bank's commitment to future expansion while maintaining its historic headquarters.

Positive

• Acquisition supports workforce consolidation and collaboration.
• New office is centrally located, improving employee accessibility.
• Building is certified LEED Gold, reflecting sustainability efforts.
• Potential for increased operational efficiency across departments.

Negative

• None.

Bank Positions for Continued Growth

ALEXANDRIA, Va., July 5, 2022 /PRNewswire/ -- Burke & Herbert Bank & Trust Company (OTCPK: BHRB) (the "Bank") announced that it has acquired 5680 King Centre Drive in Alexandria, Virginia, as another step in supporting its growth strategy. The new building allows the Bank to bring together a large portion of its local workforce, which is currently dispersed across various locations in the area. The Bank's main headquarters will remain at its historic location at 100 South Fairfax Street in Old Town Alexandria.

"Consolidating our team under one roof allows us to improve collaboration, work much more efficiently, and continue to strengthen and build the Bank's signature culture of community as we embrace future expansion," said David P. Boyle, the Bank's President and Chief Executive Officer. "The acquisition of this building is consistent with our plans for growth as we continue to execute our strategic priorities."

The new office will house employees from several departments including, commercial, treasury management, retail banking, human resources, operations, finance and accounting, credit risk management, marketing, digital strategy, and information technology. The new location is more centrally located for its expanding workforce; is certified as a LEED Gold level building, and provides additional visibility for the Bank.

Burke & Herbert Bank is the oldest bank in the Commonwealth of Virginia and the oldest continuously operating bank in the Washington, DC area. The Bank offers a full range of personal and business banking products and services designed to meet customers' banking, borrowing, and investing needs. Headquartered in Alexandria, Burke & Herbert Bank has over 20 branches, and operates throughout Northern Virginia including Loudoun County, as well as in greater Fredericksburg and the Richmond metro area.

Member FDIC; Equal Housing Lender

CONTACT: Jane Petty, jpetty@burkeandherbertbank.com, 703-216-5491

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SOURCE Burke & Herbert Bank

FAQ

What is the purpose of Burke & Herbert Bank's recent acquisition?

The acquisition aims to consolidate the workforce for improved collaboration and operational efficiency.

When did Burke & Herbert Bank acquire the new office building?

The acquisition was announced on July 5, 2022.

Where is Burke & Herbert Bank's new office located?

The new office is located at 5680 King Centre Drive in Alexandria, Virginia.

How will the new office impact Burke & Herbert Bank's operations?

The new office will improve collaboration among departments and enhance the bank's visibility in the community.

Is the new office building environmentally certified?

Yes, the new office is certified as a LEED Gold level building.