Recent Updates — BHRB
Burke & Herbert Financial Services Corp. completed its underwritten public offering of $100,000,000 aggregate principal amount of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2036 on September 30, 2026. The notes were sold at par to Keefe, Bruyette & Woods, Inc., as sole underwriter. The company intends to use the net proceeds plus cash on hand to repay $42.6 million of existing subordinated debt maturing in 2028 and 2030, potentially retire $75.0 million of notes due in 2031, and possibly redeem $15.0 million of preferred stock. The offering is intended to qualify as Tier 2 capital for regulatory purposes. Burke & Herbert Financial Services Corp. operates as the holding company for a regional bank providing commercial and consumer banking services.
Burke & Herbert Financial Services Corp. filed a preliminary prospectus supplement to propose the offering and sale of $100 million in Fixed-to-Floating Rate Subordinated Notes due 2036. The company intends to use the net proceeds, combined with existing cash, to redeem up to $117.6 million in outstanding subordinated debt and up to $15.0 million in aggregate liquidation preference of preferred stock. Keefe, Bruyette & Woods, Inc., a Stifel Company, is serving as the sole manager for this transaction. Burke & Herbert Financial Services Corp. operates as a community bank providing financial services through its subsidiary, Burke & Herbert Bank & Trust.
Burke & Herbert Financial Services Corp. entered into a change in control agreement with Executive Vice President and Chief Financial Officer Kirtan Parikh on July 6, 2026. The agreement provides severance benefits if Mr. Parikh is terminated without cause or for good reason within twelve months following a change in control event. Benefits include twenty-four months of base salary, a lump-sum payment equal to two times his target annual incentive bonus from the preceding fiscal year, and healthcare premium coverage for up to eighteen months. The company operates in the banking industry.
Burke & Herbert Financial Services Corp. reported second quarter 2026 results, highlighting the May 1, 2026, completion of its merger with LINKBANCORP, Inc. for approximately $329.7 million. The merger increased total assets to $11.0 billion and total deposits to $9.0 billion. The company reported net income applicable to common shares of $9.3 million and diluted EPS of $0.50, though adjusted (non-GAAP) operating net income was $37.5 million with an adjusted diluted EPS of $2.03. The Board declared a regular quarterly cash dividend of $0.55 per share. The company operates as a financial holding company for a community bank providing business and personal financial solutions.
Burke & Herbert Financial Services Corp. completed its merger with LINKBANCORP, Inc. on May 1, 2026. Under the merger agreement, LNKB common stock was converted into 0.1350 shares of Burke & Herbert common stock per share. The transaction had an estimated fully diluted value of approximately $329.7 million. Burke & Herbert Financial Services Corp. is a financial services company providing banking and wealth management services.