Burke & Herbert to merge with Summit Financial in all-stock deal valued at ~$371.5M

Burke & Herbert Financial Services Corp.

All-stock merger of equals valued at ~$371.5M; Summit shareholders receive 0.5043 BHRB shares per SMMF share.
Combined company to have >$8B in assets, ~$750M market cap, and >75 branches across five states.
David Boyle (BHRB CEO) to lead combined company; Charlie Maddy (Summit CEO) to serve as President.
Board of 16 directors, split 8 from each company; transaction expected to close in Q1 2024.
Combined EPS projected at ~$7.90 in first full year with fully realized cost savings.

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