ALEXANDRIA, Va. and MOOREFIELD, W.Va., May 3, 2024
/PRNewswire/ -- Burke & Herbert Financial Services Corp.
("Burke & Herbert") (Nasdaq: BHRB) today announced the
completion of the merger of Summit Financial Group, Inc. ("Summit")
with and into Burke & Herbert and the merger of Summit
Community Bank, Inc., with and into Burke & Herbert Bank & Trust Company, effective
May 3, 2024.
From David P. Boyle,
Chair and Chief Executive Officer
"The consummation of this partnership brings together two
organizations committed to being the quintessential community bank
in our markets, where we care about the people who live and work
among us. We look forward to delivering increased value for our
constituencies with an experienced and respected board, a seasoned
management group, and a team of people dedicated to exceptional
service."
From H. Charles Maddy,
III, President
"This combination brings together organizations that are unified
by a shared vision, values, and a forward-thinking approach to
banking. Our synergistic cultures strategically position us for
future growth and lay the foundation for cultivating richer
relationships in order to become the most sought-after community
bank in our markets."
About Burke & Herbert Financial Services Corp.
Burke & Herbert Financial Services Corp. is the $8.3 billion financial 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, D.C., metropolitan area. With over
75 branches across Delaware,
Kentucky, Maryland, Virginia, and West
Virginia, Burke & Herbert
Bank & Trust Company offers a full range of business and
personal financial solutions designed to meet customers' banking,
borrowing, and investment needs. Learn more at
www.burkeandherbertbank.com.
Forward-looking Statements
This communication includes "forward–looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
with respect to the beliefs, goals, intentions, and expectations of
Burke & Herbert regarding the merger, revenues, earnings,
earnings per share, loan production, asset quality, and capital
levels, among other matters; our estimates of future costs and
benefits of the actions we may take; our assessments of expected
losses on loans; our assessments of interest rate and other market
risks; our ability to achieve our financial and other strategic
goals; the expected cost savings, synergies, returns, and other
anticipated benefits from the merger; and other statements that are
not historical facts.
Forward–looking statements are typically identified by such
words as "believe," "expect," "anticipate," "intend," "outlook,"
"estimate," "forecast," "project," "will," "should," and other
similar words and expressions, and are subject to numerous
assumptions, risks, and uncertainties, which change over time.
Additionally, forward–looking statements speak only as of the
date they are made; Burke & Herbert does not assume any duty
and does not undertake to update such forward–looking statements,
whether written or oral, that may be made from time to time,
whether as a result of new information, future events, or
otherwise. Furthermore, because forward–looking statements are
subject to assumptions and uncertainties, actual results or future
events could differ, possibly materially, from those indicated in
or implied by such forward-looking statements as a result of a
variety of factors, many of which are beyond the control of Burke
& Herbert. Such statements are based upon the current beliefs
and expectations of the management of Burke & Herbert and are
subject to significant risks and uncertainties outside of the
control of the parties. Caution should be exercised against placing
undue reliance on forward-looking statements. The factors that
could cause actual results to differ materially include the
following: the outcome of any legal proceedings that may be
instituted against Burke & Herbert; the ability of Burke &
Herbert to meet expectations regarding the accounting and tax
treatments of the merger; the possibility that the anticipated
benefits of the merger will not be realized when expected, or at
all, including as a result of the impact of or problems arising
from the operational integration or as a result of the strength of
the economy and competitive factors in the areas where Burke &
Herbert does business; the possibility that the operational
integration may be more expensive to complete than anticipated,
including as a result of unexpected factors or events; diversion of
management's attention from ongoing business operations and
opportunities; the possibility that we may be unable to achieve
expected synergies and operating efficiencies of the merger within
the expected timeframes, or at all, and to successfully integrate
Summit's operations and those of Burke & Herbert; such
integration may be more difficult, time-consuming or costly than
expected; revenues following the proposed merger may be lower than
expected; effects of the completion of the merger on the ability of
Burke & Herbert to retain customers, retain and hire key
personnel, and maintain relationships with their suppliers, and on
their operating results and businesses, generally; and risks
related to the potential impact of general economic, political, and
market factors on the companies or the merger and other factors
that may affect future results of Burke & Herbert; and the
other factors discussed in the "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" section of Burke & Herbert's Annual Report on Form
10–K for the year ended December 31,
2023, and other reports Burke & Herbert files with the
SEC.
CONTACT:
Investor Relations
703-666-3555
bhfsir@burkeandherbertbank.com
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SOURCE Burke & Herbert Financial Services Corp.