Burke & Herbert to acquire Pa. bank in $354M deal

Alexandria-based Burke & Herbert Financial Services has entered a definitive agreement to acquire Linkbancorp in an all-stock transaction worth about $354.2 million.

Dating to 2018, Link is the holding company for Linkbank, a Pennsylvania state-chartered bank. The acquisition expands Burke & Herbert Bank & Trust’s reach into Pennsylvania and adds 24 locations across Pennsylvania, Maryland, Delaware and Virginia.

The Linkbancorp acquisition will be Burke & Herbert’s second. The banking company previously acquired Summit Financial Group in a $371.5 million deal in 2024.

“Our entry into Pennsylvania and the expanded presence across key mid-Atlantic markets underscores our unwavering commitment to community banking and reinforces our reputation as a trusted financial partner wherever we operate,” Burke & Herbert Chair and CEO David P. Boyle said in a statement.

According to the holding companies’ announcement Thursday, Burke & Herbert will pay $9.38 per share of Link common stock, based on Burke & Herbert’s common stock closing price of $69.45 on Wednesday.

The merged bank’s holding company is expected to have approximately $11 billion in total assets and about $9.1 billion in total deposits.

The transaction is expected to close in the second quarter of 2026. Holders of Link common stock will have the right to receive 0.135 shares of Burke & Herbert common stock per Link share. The companies expect existing Burke & Herbert shareholders to own about 75% of the outstanding shares of the combined company, and Link shareholders to own about 25%.

Andrew Samuel, who will serve as a senior adviser, and two other members of the Link board of directors will join Burke & Herbert’s board when the transaction closes. On the executive side, Carl Lundblad will be executive vice president and Brent Smith will be Pennsylvania market leader for Burke & Herbert.

The companies expect a combined earnings per share of approximately $9.18 in the first full year of combined operations, assuming fully realized cost savings.

Founded in 1852, Burke & Herbert Bank & Trust currently has more than 75 branches across Virginia, Delaware, Kentucky, Maryland, Virginia and West Virginia. As of Sept. 30, the company had $6.4 billion in deposits and more than $7.88 billion in total assets.