Form 4: Burke & Herbert EVP, Chief Experience Officer, Angela R. Zirk, Reports Beneficial Ownership Changes Following Merger with Summit Financial Group
SEC Form 4
Angela R. Zirk, EVP, Chief Experience Officer of Burke & Herbert Financial Services Corp., reports changes in beneficial ownership following the merger with Summit Financial Group, including the acquisition of common stock and conversion of stock appreciation rights.
Summary
- Angela R. Zirk, an executive at Burke & Herbert Financial Services Corp., filed a Form 4 on May 6, 2024, reporting changes in beneficial ownership.
- The changes are a result of the merger between Burke & Herbert and Summit Financial Group, which closed on May 3, 2024.
- As part of the merger agreement, Summit common stock held by Zirk was converted into Burke & Herbert common stock at a rate of 0.5043 shares per Summit share.
- Zirk acquired 617 shares of Burke & Herbert common stock directly and 1,911 shares indirectly through an ESOP Trust.
- Additionally, Summit stock appreciation rights (SARs) held by Zirk were converted into Burke & Herbert SARs.
- The converted SARs have various exercise prices and expiration dates, with the underlying security being Burke & Herbert common stock.
Sentiment
Score: 7
Explanation: The sentiment is neutral to positive as the merger has been completed and the executive now holds shares and rights in the combined entity. The Form 4 filing is a routine event following such a transaction.
Positives
- The merger between Burke & Herbert and Summit Financial Group has been completed.
- Angela R. Zirk now holds shares and stock appreciation rights in the combined entity, Burke & Herbert.
Industry Context
The merger reflects a trend of consolidation in the financial services industry, where companies seek to achieve economies of scale and expand their market presence.
Stakeholder Impact
- Shareholders of Summit Financial Group have received Burke & Herbert shares as a result of the merger.
- Employees of both companies are now part of the combined entity.
- Customers of both companies will be served by the merged entity.
Key Dates
| Date | Description |
|---|---|
| 08/24/2023 | Date of the Agreement and Plan of Reorganization between Burke & Herbert and Summit Financial Group. |
| 04/23/2015 | Initial date of some of the Stock Settled Appreciation Rights. |
| 02/09/2017 | Initial date of some of the Stock Settled Appreciation Rights. |
| 02/07/2019 | Initial date of some of the Stock Settled Appreciation Rights. |
| 07/15/2021 | Initial date of some of the Stock Settled Appreciation Rights. |
| 02/09/2023 | Initial date of some of the Stock Settled Appreciation Rights. |
| 05/02/2024 | Closing price of Burke & Herbert's common stock was $51.67 per share. |
| 05/03/2024 | Closing Date of the merger between Burke & Herbert and Summit Financial Group; date of transaction. |
| 05/06/2024 | Date of Form 4 filing. |
| 04/23/2025 | Expiration date of some of the Stock Settled Appreciation Rights. |
| 02/09/2027 | Expiration date of some of the Stock Settled Appreciation Rights. |
| 02/07/2029 | Expiration date of some of the Stock Settled Appreciation Rights. |
| 07/15/2031 | Expiration date of some of the Stock Settled Appreciation Rights. |
| 02/09/2033 | Expiration date of some of the Stock Settled Appreciation Rights. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.