secwatch.observer — SEC 8-K summary
======================================

Issuer:     Burke & Herbert Financial Services Corp. (BHRB)
CIK:        0001964333
Form:       8-K
Filed at:   2024-05-03T23:59:59+00:00
Accession:  0001964333-24-000129
Event type: m_and_a
Sentiment:  positive
Materiality: 1.00
Item codes: 2.01, 2.03, 3.03, 5.02, 5.03, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Burke & Herbert completes merger with Summit; 0.5043 exchange ratio, ~7.4M shares issued
--------------------------------------------------------------------------------

- Summit shareholders received 0.5043 BHRB shares per Summit share; aggregate consideration ~7,406,521 BHRB shares.
- Board expanded to 16 directors: 8 from each legacy company; David Boyle remains CEO, H. Charles Maddy appointed President.
- Assumed $105M subordinated notes (5% due 2030, 3.25% due 2031) and ~$19.6M trust preferred securities.
- Created new Series 2021 Preferred Stock (1,500 shares, $10k liquidation preference, 6% non-cumulative).
- Merger Incentive Plan approved; top executives have target incentives: Boyle $2.97M, Maddy $1.3M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1964333/000196433324000129/0001964333-24-000129-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1964333/000196433324000129/bhrb-20240503.htm
  HTML page:      https://secwatch.observer/filing/0001964333-24-000129

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