Burke & Herbert, DC area’s oldest bank, just doubled in size

Alexandria-based Burke & Herbert Financial Services Corp., the oldest continuously-operating bank with its original name in the D.C. region, has completed its merger with West Virginia-based Summit Financial Group.

The all-stock merger of equals was valued at $371.5 million, more than doubling Burke & Herbert’s assets to about $8.3 billion.

The merged bank operates under the Burke & Herbert name and remains headquartered in Alexandria, while maintaining an operational presence in Moorefield, West Virginia. Burke & Herbert CEO David Boyle remains chief executive. Summit CEO Charlie Maddy now serves as president and a director.

Burke & Herbert now operates 75 branches under its name across Virginia, West Virginia, Maryland, Delaware and Kentucky, with more than 800 employees.

Burke & Herbert began trading on the Nasdaq Capital Market last year, and continues to trade under the ticker symbol BHRB.

The bank was founded in 1852 in Alexandria by John Woolfolk Burke and Arthur Herbert.

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Jeff Clabaugh

Jeff Clabaugh has spent 20 years covering the Washington region's economy and financial markets for WTOP as part of a partnership with the Washington Business Journal, and officially joined the WTOP newsroom staff in January 2016.

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