Brief: Burke & Herbert Financial Services Corp. And Summit Financial Group, Inc. Announce Merger Of Equals

Burke & Herbert Financial Services

24/08/2023 21:49

Burke & Herbert Bank & Trust Co  BHRB.O :
    * BURKE & HERBERT FINANCIAL SERVICES CORP. AND SUMMIT
FINANCIAL
GROUP, INC. ANNOUNCE MERGER OF EQUALS
    * SUMMIT FINANCIAL GROUP INC - PROPOSED DEAL FOR $371.5
MILLION OR
$25.20 PER SHARE OF SUMMIT COMMON STOCK
    * SUMMIT FINANCIAL GROUP INC - PROPOSED DEAL FOR $25.20 PER
SHARE
OF SUMMIT COMMON STOCK
    * SUMMIT FINANCIAL GROUP INC - EXISTING BURKE & HERBERT
SHAREHOLDERS WILL OWN APPROXIMATELY 50% OF OUTSTANDING SHARES OF
COMBINED COMPANY
    * SUMMIT FINANCIAL GROUP INC - COMPANY WILL OPERATE UNDER
NAME
"BURKE & HERBERT FINANCIAL SERVICES CORP."
    * SUMMIT FINANCIAL GROUP - DEAL IS EXPECTED TO RESULT IN A
COMBINED EARNINGS PER SHARE OF APPROXIMATELY $7.90 IN FIRST FULL
YEAR OF COMBINED OPERATIONS
    * SUMMIT FINANCIAL GROUP INC -  COMPANY WILL TRADE UNDER
BURKE &
HERBERT TICKER SYMBOL "BHRB" ON NASDAQ CAPITAL MARKET
    * SUMMIT FINANCIAL GROUP INC - COMBINED BANK WILL CONTINUE
TO
OPERATE UNDER "BURKE & HERBERT BANK & TRUST COMPANY" BRAND
    * SUMMIT FINANCIAL GROUP INC - DAVID BOYLE, BURKE &
HERBERT'S
CURRENT CHIEF EXECUTIVE OFFICER, WILL CONTINUE TO SERVE IN THAT
ROLE FOR COMBINED COMPANY
    * SUMMIT FINANCIAL GROUP INC - SUMMIT'S CURRENT CHAIR, OSCAR
M.
BEAN, WILL JOIN AS A VICE CHAIR OF COMBINED BOARD OF DIRECTORS
    * SUMMIT FINANCIAL GROUP - CHARLIE MADDY, SUMMIT'S CURRENT
PRESIDENT AND CEO, WILL SERVE AS PRESIDENT AND AS A DIRECTOR OF
COMBINED CO
    * SUMMIT FINANCIAL GROUP INC - ROY HALYAMA, BURKE &
HERBERT'S
CURRENT CHIEF FINANCIAL OFFICER, WILL CONTINUE TO SERVE IN THAT
ROLE FOR COMBINED CO

Source text for Eikon:  ID:nPn73mf6da 
Further company coverage:  BHRB.O