Burke & Herbert Bank Closes 2009 With Record Annual and Quarterly Earnings
Bank assets exceed $2 Billion for the first time
Alexandria, VA - Burke & Herbert Bank & Trust Company reported record net income of $32.7 million, or $170.17 per share, for 2009. Fourth quarter net income was $8.7 million, or $45.66 per share, also a record high. Net income was up 30% for the year.
The bank achieved growth in profit, revenue, loans and deposits in 2009 while at the same time maintaining its long-standing sound capital and liquidity positions. Revenue for the year increased to $94 million, a 30% improvement, on strong growth in net interest income. Loans rose by $175 million or 16% and deposits increased 21% or $269 million. Total assets now surpass $2 billion, up 18% over the prior year.
“Burke & Herbert Bank continues to perform at a high level thanks to our loyal customers and dedicated team members,” said Chairman Charles Collum. “We plan to open more branches in convenient locations in 2010 to help us sustain the momentum we have established.”
“Careful planning and sound lending practices have put Burke & Herbert Bank in an excellent financial position. Our customers trust Burke & Herbert Bank, and that has been the foundation of the Bank’s success over our long history,” commented CEO Hunt Burke.
Scott McSween, President and Chief Operating Officer, added, “Achieving $2 billion in assets in 2009 is an achievement that provides the foundation for our Bank’s continued growth as a leading consumer and business bank in Northern Virginia. We are pleased with our success in 2009 and are very excited about our future.”
Burke & Herbert Bank & Trust Company, 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, 24-hour online banking (www.burkeandherbert.com) and mobile banking for customers on the go. The Bank operates over 20 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.
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.