Burke & Herbert Financial Services Corp. and Summit Financial Group Inc. Submit Filings Related to Merger Agreement

Burke & Herbert Financial Services Corp. and Summit Financial Group Inc. have announced the submission of regulatory filings related to their merger agreement. The merger, which was entered into and announced on August 24, 2023, is expected to close in the first quarter of 2024, subject to customary closing conditions and regulatory approvals.

Burke & Herbert Financial Services Corp. is a financial holding company for Burke & Herbert Bank & Trust Company, the oldest continuously operating bank under its original name in the greater Washington, D.C. metropolitan area. With over 20 branches throughout Northern Virginia and commercial loan offices in Fredericksburg, Loudoun County, Richmond, and Bethesda, Maryland, the bank offers a comprehensive range of business and personal financial solutions.

Summit Financial Group Inc. is a financial holding company for Summit Community Bank Inc. The bank serves commercial and individual clients across West Virginia, the greater Washington, D.C. metropolitan area, Virginia, Kentucky, the Eastern Shore of Maryland, and Delaware. With 54 full-service branch locations and a focus on in-market commercial lending and business banking services, Summit leverages its efficient operations and core deposits in strong legacy locations.

The merger between Burke & Herbert and Summit is expected to bring together their complementary strengths and expand their reach in the financial services industry. By combining their resources and expertise, the merged entity aims to provide enhanced banking, borrowing, and investment solutions to their customers.

Both companies have filed the necessary regulatory documents with certain state and Federal agencies, as well as the Securities and Exchange Commission. Shareholder approval from Burke & Herbert and Summit shareholders is also required for the merger to proceed.

The submission of these filings marks an important step towards the completion of the merger. Once all regulatory approvals and closing conditions are satisfied, the combined entity will be well-positioned to deliver even greater value to its customers and stakeholders.

For more information about Burke & Herbert Financial Services Corp., please visit www.burkeandherbertbank.com. Additional details about Summit Financial Group Inc. can be found at www.mysummit.bank.