Burke & Herbert Financial Services Corp. Announces Intention to Become Publicly-Traded Exchange-Listed Company

Rhea-AI Summary

Burke & Herbert Financial Services Corp. (OTCPK: BHRB) announced plans to list its shares on the Nasdaq stock exchange within the next six months, contingent on several factors including market conditions and SEC registration. David P. Boyle, President & CEO, stated that this move is intended to enhance capital access and liquidity for shareholders. The Bank, distinguished as the oldest operating bank under its original name in the Washington DC area, offers a comprehensive range of financial services with over 20 branches in Northern Virginia.

Positive

• Intention to list shares on Nasdaq may enhance capital access.
• Expected increased liquidity for shareholders.
• Potential for inclusion in stock market indices, possibly boosting stock interest and value.

Negative

• None.

ALEXANDRIA, Va., Nov. 15, 2022 /PRNewswire/ -- Burke & Herbert Financial Services Corp. (the "Company") (OTCPK: BHRB), the bank holding company for Burke & Herbert Bank & Trust Company, announced the intent to list its shares on the Nasdaq stock exchange within the next six months. The timing is contingent upon a number of factors including, but not limited to, the stock exchange listing requirements, the registration process of the Securities and Exchange Commission, and overall equity market conditions. 

"We believe listing our shares on Nasdaq will broaden the Company's access to capital and provide better liquidity for our shareholders," said David P. Boyle, President & Chief Executive Officer. "In addition, by positioning our stock for inclusion in certain stock market indices, we expect greater interest in our stock that may lead to increased value for our shareholders."

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

What is Burke & Herbert Financial Services Corp.'s plan for stock listing?

Burke & Herbert Financial Services Corp. intends to list its shares on the Nasdaq stock exchange within the next six months.

What factors affect the timing of Burke & Herbert's Nasdaq listing?

The timing is contingent on stock exchange listing requirements, SEC registration processes, and overall equity market conditions.

How will listing on Nasdaq benefit BHRB shareholders?

Listing on Nasdaq is expected to broaden access to capital and improve liquidity for BHRB shareholders.

When was the announcement made regarding Burke & Herbert's stock listing?

The announcement was made on November 15, 2022.

What is the historical significance of Burke & Herbert Bank?

Burke & Herbert Bank is the oldest continuously operating bank under its original name in the Washington DC Metro area.