Alexandria, VA – Burke & Herbert Financial Services Corp. (the “Company”) (OTCPK: BHRB) and Burke & Herbert Bank & Trust Company (the “Bank”) announced that, effective October 1, 2022, the Company and the Bank completed the reorganization transaction pursuant to which the Company has become the parent bank holding company for the Bank.
The Company will trade under the Bank’s former ticker symbol BHRB on the OTC Markets trading platform. Each outstanding share of Bank common stock has automatically converted into one share of Company common stock and has the same rights and ownership percentage in the Company as it had in the Bank.
The Board of Directors of the Bank will serve as the Board of Directors for the Company and David P. Boyle will serve as President and Chief Executive Officer.
“This announcement is an important part of the continued success of the Company and we remain grateful for the ongoing support of our shareholders,” said E. Hunt Burke, Chairman of the Board.
“This corporate reorganization can provide a number of benefits including 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 look forward to continuing on the path of executing our strategic priorities designed to deliver increased value for our customers, communities, employees and shareholders.”
The Company formation does not impact the Bank’s operations or workforce, and the Bank will continue to provide its full range of financial services from existing office locations throughout the greater Washington DC Metro area and the Commonwealth of Virginia. The headquarters for the Bank and the Company will remain in Alexandria, Virginia.
Burke & Herbert Financial Services Corp. is the bank holding company for Burke & Herbert Bank & Trust Company. Burke & Herbert Bank & Trust Company is the oldest continuously operating bank under its original name headquartered in the greater Washington DC Metro area. The Bank offers a full range of business and personal financial solutions designed to meet customers’ banking, borrowing, and investment needs and has over 20 branches throughout the Northern Virginia region and commercial loan offices in Fredericksburg, Loudoun County, Richmond, and in Bethesda, Maryland.
Member FDIC; Equal Housing Lender
Cautionary Note Regarding Forward-Looking Statements
This press release may contain certain forward-looking statements that are based on certain assumptions and describe future plans, strategies and expectations of the Company and the Bank. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” “will,” “should,” “may,” “view,” “opportunity,” “potential,” or similar expressions or expressions of confidence. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
