Burke & Herbert Bank Declares Final 2019 Quarterly Dividend
Alexandria, VA – Burke & Herbert Bank announced that at a meeting of its Board of Directors held on October 17, 2019, a regular cash dividend of $20 per share was declared, to be paid on December 2, 2019 to shareholders of record as of the close of business on November 15, 2019. The dividend payment for the quarter is equal to the dividend paid in the prior quarter, and brings the per-share dividend for 2019 to $80, mirroring the dividend paid the prior year.
"Our dividend announcement today reflects the Bank's strong capital position," said E. Hunt Burke, the Bank's Chairman. "We are pleased to be able to continue delivering value for our shareholders in the form of cash dividends as we navigate through a challenging interest rate environment and continue our work to make Burke & Herbert Bank the Bank of Choice for consumers and businesses throughout Northern Virginia."
Burke & Herbert Bank posted net income of $4.5 million for the third quarter of 2019, bringing the total for the nine months ended September 30, 2019 to $18.4 million. The Bank reported net income of $23.4 million for the nine-month period ended September 30, 2018. The Bank's assets stood at $2.92 billion as of September 30, 2019 as compared to $3.0 billion at September 30, 2018.
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 and services designed to meet customers' banking, borrowing, and investing needs. Burke & Herbert Bank is headquartered in Alexandria and operates 25 branches in Northern Virginia.