Business
Burke & Herbert Financial Services Corp. and Summit Financial Group, Inc. Announce Merger of Equals
ALEXANDRIA, Va., Aug. 24, 2023 /PRNewswire/ -- Burke & Herbert Financial Services Corp. ("Burke & Herbert") (Nasdaq: BHRB) and Summit Financial Group, Inc.
About this update from Burke & Herbert Financial Services Corp.
[{"type":"text","content":"ALEXANDRIA, Va., Aug. 24, 2023 /PRNewswire/ -- Burke & Herbert Financial Services Corp. (\"Burke & Herbert\") (Nasdaq: BHRB) and Summit Financial Group, Inc. (\"Summit\") (Nasdaq: SMMF) today announced they have entered into a definitive agreement under which Summit will merge with and into Burke & Herbert in an all-stock merger of equals valued at approximately $371.5 million or $25.20 per share of Summit common stock, based on a closing price for Burke & Herbert's common stock of $49.98 as of August 23, 2023.\n\n \n \n \n \n \n \n\n \nHighlights of the Transaction:\nMerger of equals that creates a bank holding company with more than $8 billion in assets and a combined market capitalization of nearly $750 millionOwnership split of approximately 50% Burke & Herbert and 50% SummitThe transaction is expected to result in a combined earnings per share of approximately $7.90 in the first full year of combined operations (assuming fully realized cost savings)The combined company will have more than 75 branches across Virginia, West Virginia, Maryland, Delaware and Kentucky, and more than 800 employees serving our communitiesClosely aligned leadership cultures dedicated to the success of our customers, communities, employees and shareholdersSignificant operational presence will be based in Moorefield, West Virginia and the headquarters of the combined company will be located in Alexandria, VirginiaEstablishes a $5 million community foundation to ensure continued strong support of Summit's communitiesFrom David P. Boyle, Burke & Herbert Chair, President and Chief Executive Officer\n\"This partnership brings together two organizations dedicated to a community banking model that places an emphasis on service and dedication to the people who live and work among us. The rich and storied history of our franchises and our combined financial strength creates a promising future for our customers through a broader set of products and services, for our employees with new and expanded opportunities for advancement, for our communities by having more resources to support and care for them, and for our shareholders due to favorable profitability metrics and a larger foundation for future growth. The senior management teams are looking forward to working together to deliver on our collective mission and I'm especially eager to work with Charlie who ...