Burke & Herbert Bank Declares Quarterly Dividend
Announcement Follows Fifth Consecutive Year of Record Earnings
Alexandria, VA – Burke & Herbert Bank announced today that on January 17, the Bank's Board of Directors declared a dividend per share of $17.00 payable on March 1, 2013 to shareholders of record as of the close of business on February 15, 2013. The per-share dividend of $17.00 is equal to the dividend paid for the first quarter of 2012.
"We are pleased with the Bank's overall performance and delighted to be able to continue delivering great value to our shareholders," said E. Hunt Burke, the Bank's Chairman & Chief Executive Officer. "Despite the challenges associated with the continued low interest rate environment and slowly recovering economy, 2012 earnings were our best ever. Our solid reputation for high-quality personal service coupled with the delivery of modern, convenient banking products and services is serving us well in growing our customer base," he added.
Burke & Herbert Bank posted net income for 2012 of $36.6 million, up $1.1 million or 3% from 2011. Earnings per share for 2012 reached $190.50, increasing from $184.98 the previous year. This is the fifth consecutive year in which the Bank posted record-setting financial results. 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. The Bank offers a full range of personal and business banking products along with investment accounts and trust services. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.
(Trust products and services are not deposits, are not insured by the FDIC or any other government agency, are not guaranteed by the Bank and may lose value.)