Company Profile
Burke & Herbert Financial Services Corp. (NASDAQ: BHRB) (“the company”) is a financial holding company for its subsidiary bank, Burke & Herbert Bank & Trust Company (“the bank”), a Virginia state regulated chartered bank with an operating history dating back to 1852, primarily serving the Washington, D.C. metro region with a full range of retail and commercial banking financial solutions.
In 2Q24, BHRB completed its transformative merger with Summit Financial Group, Inc. (NASDAQ: SMMF) (“Summit”), whereas Summit and its subsidiary bank Summit Community Bank, Inc., merged with and into BHRB and its subsidiary bank. This transaction expanded BHRB’s operating markets beyond the Washington D.C. metro area, with the company now operating a branch network of over 75, stretched primarily across parts of MD, VA, and WV with a smaller presence in DE and KY.
In addition to expansion of operating markets, this transaction increased diversification in the loan portfolio…