Alexandria, Virginia-based Burke & Herbert Bank will more than double in size through a merger with West Virginia’s Summit Financial Group.
Burke & Herbert is the oldest continuously operating bank under its original name headquartered in the D.C. region.
The merged bank will operate under the Burke & Herbert name and remain headquartered in Alexandria, while maintaining an operational presence in Moorefield, West Virginia. Burke & Herbert CEO David Boyle will serve as chief executive of the merged bank. Summit CEO Charlie Maddy will serve as president and a director.
The banks call the all-stock merger a merger of equals. It is valued at $371.5 million.
Once completed, the deal will more than double Burke & Herbert’s assets to $8 billion. It will have more than 75 branches across Virginia, West Virginia, Maryland, Delaware and Kentucky, with more than 800 employees.
Burke & Herbert began trading on the Nasdaq Capital Market in April. It will continue to trade under its existing ticker symbol BRHB when the merger is complete.
The merger is expected to close in the first quarter of 2024.
Burke & Herbert formed a holding company in 2022 to increase access to capital for expansion.
Burke & Herbert Bank was founded in 1852 in Alexandria, and now has more than 20 branches in Northern Virginia, as well as commercial loan offices in Bethesda, Fredericksburg, Loudoun County and Richmond.
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