Important notice to customers regarding FDIC insurance

On May 3, 2024 (the “Effective Time”), Summit Community Bank, Inc. (“Summit Community Bank”), a West Virginia chartered commercial bank and wholly owned subsidiary of Summit Financial Group, Inc., merged into Burke & Herbert Bank & Trust Company (“Burke & Herbert Bank”), a Virginia chartered commercial bank and wholly owned subsidiary of Burke & Herbert Financial Services Corp, with Burke & Herbert Bank surviving the merger as the continuing bank (the “Bank Merger”). At the Effective Time, Summit Community Bank ceased operations as a separately chartered commercial bank. Beginning at the Effective Time and until further notice, Burke & Herbert Bank will operate Summit Community Bank as a division of Burke & Herbert Bank under the trade name “Summit Community Bank, Inc., a division of Burke & Herbert Bank & Trust Company.” Burke & Herbert Bank will also operate Summit Community Bank’s online banking service division, SFGI Direct, under the tradename “SFGI Direct, a division of Burke & Herbert Bank & Trust Company.”

As a result of the Bank Merger and by operation of law, Burke & Herbert Bank became the successor in interest to all assets, liabilities, rights, duties, and obligations of Summit Community Bank, including, but not limited to, all such rights, duties, and obligations of Summit Community Bank under any consumer or commercial (i) deposit account agreement, (ii) credit card agreement, (iii) treasury or cash management agreement, (iv) loan agreement, line of credit agreement, or credit sale agreement, (v) promissory note, (vi) preauthorized payment agreement, (vii) trust or wealth management agreement, and (ix) any amendment, addendum, modification, service schedule, or supplement to the foregoing agreements (collectively, the “Summit Community Bank Agreements”). Unless otherwise disclosed in a writing provided by Burke & Herbert Bank, the material terms and conditions and the rights, duties and obligations of the parties to any Summit Community Bank Agreement (whether executed before or after the Effective Time), including due dates, payment dates, and the timing of notices and statements, will remain unchanged.

Furthermore, as a result of the Bank Merger, Burke & Herbert Bank and Summit Community Bank became a single depository institution at the Effective Time for purposes of deposit insurance coverage pursuant to the rules and regulations of the Federal Deposit Insurance Corporation (the “FDIC”). To provide a grace period for depositors, the FDIC permits separate insurance coverage for six months following the Effective Time of the Bank Merger. After that time, customers holding separate deposits accounts at Burke & Herbert Bank and Summit Community Bank will not be separately insured, but will have the funds in their separate deposit accounts be combined to determine whether the depositor has exceeded the $250,000 federal deposit insurance limit set by the FDIC. If a customer has separate deposit accounts at both Burke & Herbert Bank and Summit Community Bank that, when combined on the six-month anniversary of the Effective Time, will exceed the federal deposit insurance limit, Burke & Herbert Bank strongly advises the customer to call 703-684-1655 to speak with a bank representative, or visit the FDIC.gov and select ‘Deposit Insurance’ for more information about deposit insurance coverage.