Burke & Herbert Annual Shareholder Meeting
Date Established
ALEXANDRIA, Va. and
MOOREFIELD, W.Va., April 19, 2024 /PRNewswire/ -- Burke &
Herbert Financial Services Corp. ("Burke & Herbert") (Nasdaq:
BHRB) and Summit Financial Group, Inc. ("Summit") (Nasdaq: SMMF)
today announced receipt of all required regulatory approvals or
waivers necessary to complete the previously announced merger of
equals pursuant to the Agreement and Plan of Reorganization, dated
as of August 24, 2023, by and between
Burke & Herbert and Summit. The merger is expected to close on
May 3, 2024, pending satisfaction of
customary closing conditions.
In addition, the Burke & Herbert board of directors has
established July 15, 2024, as the
date for its annual shareholder meeting for shareholders of record
as of May 7, 2024.
About Burke & Herbert Financial Services Corp.
Burke & Herbert Financial Services Corp. is the $3.6 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. Burke
& Herbert Bank & Trust
Company 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, and Richmond, Virginia, and in Bethesda, Maryland. Learn more at
www.burkeandherbertbank.com.
About Summit Financial Group, Inc.
Summit Financial Group, Inc. is the $4.6
billion financial holding company for Summit Community Bank,
Inc. Its talented bankers serve commercial and individual clients
throughout West Virginia, the
greater Washington, D.C.
metropolitan area, Virginia,
Kentucky, the Eastern Shore of
Maryland and Delaware. Summit's focus on in-market
commercial lending and providing other business banking services in
dynamic markets is designed to leverage its highly efficient
operations and core deposits in strong legacy locations.
Residential and consumer lending, trust and wealth management, and
other retail financial services are offered through convenient
digital and mobile banking platforms, as well as over 50
full-service branch locations. More information on Summit Financial
Group, Inc., headquartered in West
Virginia's Eastern Panhandle in Moorefield, is available at mysummit.bank.
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 proposed 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 timing of completion of the proposed
merger; the expected cost savings, synergies, returns, and other
anticipated benefits from the proposed 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.
These forward-looking statements include, without limitation, those
relating to the terms, timing, and closing of the proposed
merger.
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 occurrence of any event, change or other
circumstances that could give rise to the right of one or both of
the parties to terminate the definitive merger agreement between
Burke & Herbert and Summit; the outcome of any legal
proceedings that may be instituted against Burke & Herbert or
Summit; the possibility that the proposed merger will not close
when expected, or at all; the ability of Burke & Herbert and
Summit to meet expectations regarding the timing, completion, and
accounting and tax treatments of the proposed merger; the risk that
any announcements relating to the proposed merger could have
adverse effects on the market price of the common stock of either
or both parties to the proposed merger; the possibility that the
anticipated benefits of the proposed merger will not be realized
when expected, or at all, including as a result of the impact of,
or problems arising from, the integration of the two companies or
as a result of the strength of the economy and competitive factors
in the areas where Burke & Herbert and Summit do business;
certain restrictions during the pendency of the proposed merger
that may impact the parties' ability to pursue certain business
opportunities or strategic transactions; the possibility that the
merger 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 the parties may be unable to
achieve expected synergies and operating efficiencies in 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; Burke & Herbert's and Summit's success in
executing their respective business plans and strategies and
managing the risks involved in the foregoing; the dilution caused
by Burke & Herbert's issuance of additional shares of its
capital stock in connection with the proposed merger; effects of
the announcement, pendency, or completion of the proposed merger on
the ability of Burke & Herbert and Summit to retain customers
and 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
proposed merger and other factors that may affect future results of
Burke & Herbert and Summit; 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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/burke--herbert-financial-services-corp-and-summit-financial-group-inc-announce-receipt-of-regulatory-approvals-and-closing-date-for-merger-of-equals-302121778.html
SOURCE Burke & Herbert Financial Services Corp.