secwatch.observer — SEC 8-K summary
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Issuer:     Burke & Herbert Financial Services Corp. (BHRB)
CIK:        0001964333
Form:       8-K
Filed at:   2023-08-24T23:59:59+00:00
Accession:  0001964333-23-000164
Event type: m_and_a
Sentiment:  positive
Materiality: 0.85
Item codes: 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1964333/000196433323000164/0001964333-23-000164-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1964333/000196433323000164/bhrb-20230824.htm
  HTML page:      https://secwatch.observer/filing/0001964333-23-000164

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer