Burke & Herbert Financial Services Corp. - BHRB STOCK NEWS

Burke & Herbert Financial Services Corp. and Summit Financial Group submit regulatory filings for their merger agreement, expected to close in Q1 2024.

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.

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.

Burke & Herbert Financial Services Corp. (OTCPK: BHRB) announced on March 2, 2023, that it has applied to list its common stock on the Nasdaq Capital Market and submitted a Registration Statement on Form 10 with the SEC. This move is part of the Company's overall strategy to enhance access to capital, increase trading volume, and provide better liquidity for shareholders. The Form 10 filing includes the Company's historical financial data and strategy. Approval for the Nasdaq listing is contingent upon meeting Nasdaq's requirements and SEC registration. Until then, shares will continue to be traded on the OTCPK Market.

Burke & Herbert Financial Services Corp. (BHRB) reported a net income of $13.3 million for Q4 2022, up from $11.1 million in Q3 2022 and $8.6 million in Q4 2021. The diluted earnings per share rose to $1.78. For the full year, net income reached $44.0 million, translating to $5.89 per diluted share. The board declared a cash dividend of $0.53 per share, payable on March 1, 2023. Total revenue for Q4 was $32.1 million, a 13% increase year-over-year, driven by a 16% rise in net interest income. However, total noninterest expenses fell to $16.5 million, primarily due to asset sales.

Burke & Herbert Financial Services Corp. (OTCPK: BHRB) announced the election of David P. Boyle as board Chair effective January 1, 2023. Boyle, currently the CEO and a director since 2020, succeeds E. Hunt Burke, who will remain on the board. E. Hunt Burke expressed pride in the bank's accomplishments during his tenure. The bank, which has been operating since 1852, offers a variety of financial services through its branches in Northern Virginia and other areas. The announcement comes amid a strategic focus on future growth and stability.

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.