Burke & Herbert completes merger

Alexandria-based Burke & Herbert Financial Services has completed a merger with West Virginia’s Summit Financial Group, the company announced May 3. 

The $371.5 million deal, first announced in August 2024, created a bank holding company with more than $8 billion in assets. The combined company will have more than 75 branches across Virginia, West Virginia, Maryland, Delaware and Kentucky and more than 800 employees. 

Operating as Burke & Herbert Financial Services, the combined company will be headquartered in Alexandria, the companies announced in August. 

David Boyle, CEO of Burke & Herbert, will continue in that role, while Charlie Maddy, Summit’s president and CEO, will serve as president and as a director of the combined company. 

The combined company’s board will have 16 directors with eight directors from Burke & Herbert and eight from Summit. 

“This combination brings together organizations that are unified by a shared vision, values and a forward-thinking approach to banking,” Maddy said in a statement. “Our synergistic cultures strategically position us for future growth and lay the foundation for cultivating richer relationships in order to become the most sought-after community bank in our markets.”

In the August announcement, Burke & Herbert said the merger would likely close during the first quarter of 2024. A request for comment about the delay was not immediately returned Tuesday. 

Burke & Herbert and Summit announced the companies had received necessary approvals from regulators on April 19.