Alexandria, VA – Burke & Herbert Bank & Trust Company (OTCPK: BHRB) (the “Bank”) announced its intent to form a bank holding company, Burke & Herbert Financial Services Corp. (the “Company”), subject to regulatory approval. If approved, the Bank would become a subsidiary of the newly-formed Company. Current shareholders of the Bank would become shareholders of the Company and current shareholders will have the same rights and ownership percentage in the Company as they currently have in the Bank.
“We believe the new corporate structure will provide further financial and operational flexibility for the Bank and is an important part of the continued success of the Bank,” said E. Hunt Burke, Chairman of the Board.
The Company formation will not impact the Bank’s operations and the Bank will continue to provide its full range of financial services. The Bank’s headquarters and the Company’s headquarters will be located in Alexandria, Virginia.
“A successful corporate reorganization can lead to additional access to capital markets, better liquidity for our shareholders, and increased visibility and demand for our stock,” said David P. Boyle, the Bank’s President & Chief Executive Officer. “We are excited and looking forward to this process as we execute our strategic priorities designed to deliver increased value for our customers, communities, employees and shareholders.”
Burke & Herbert Bank is the oldest bank in the Commonwealth of Virginia and the oldest continuously operating bank in the Washington, DC area. The Bank offers a full range of personal and business banking products and services designed to meet customers’ banking, borrowing, and investing needs. Headquartered in Alexandria, Burke & Herbert Bank has over 20 branches, and operates throughout Northern Virginia including Loudoun County, as well as in greater Fredericksburg and the Richmond metro area.
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