Burke & Herbert Bank Declares Quarterly Dividend
Alexandria, VA – Burke & Herbert Bank announced today that at its meeting on July 29, 2010, its Board of Directors declared a dividend of $18 per share to stockholders on record at the close of business on August 13, 2010. The Board’s action recognizes another quarter of outstanding earnings performance with 2010 second quarter net income of $6.3 million. Year-to-date earnings through June 30, 2010 amounted to $15.7 million. The dividend will be paid on September 1, 2010.
E. Hunt Burke, Chairman & Chief Executive Officer said, “We’re proud to continue to create high value for our shareholders as we serve the banking needs of consumers and businesses in Northern Virginia. Our second quarter was another successful one, as evidenced by solid financial results, improvements in key metrics we use to monitor our business performance, and continued progress in shaping our vision for making us the bank of choice in Northern Virginia.”
Earnings per share for the second quarter of 2010 amounted to $81.83. The $18 dividend represents a 20% increase over the $15 paid in the same period in 2009, while 2010 year-to-date dividends of $36 represent a 33% increase over the $27 paid through this time last year.
Burke & Herbert Bank, established in 1852, is the oldest bank in the Commonwealth of Virginia and the oldest continuously operating bank in the Washington, D.C. area. Burke & Herbert Bank provides a full range of personal and business banking products and services including mortgages, business loans, trust services, and 24-hour online banking (www.burkeandherbertbank.com). The Bank operates 22 branches in Northern Virginia along with its e-Branch which enables customers to open a checking or CD account online. Burke & Herbert Bank & Trust Company, Member FDIC.