Form 4: Burke & Herbert Financial Services Corp.: Director Cookman Reports Acquisition of Shares Through Merger

Director James M. Cookman reports acquiring shares of Burke & Herbert Financial Services Corp. due to the merger with Summit Financial Group, Inc.

Summary

• On May 3, 2024, Burke & Herbert Financial Services Corp. merged with Summit Financial Group, Inc., with Burke & Herbert continuing as the surviving company.
• As a result of the merger, James M. Cookman, a Bank Director, acquired 13,484 shares of Burke & Herbert common stock.
• Each share of Summit common stock held by Cookman was converted into the right to receive 0.5043 of a share of Burke & Herbert common stock.
• The closing price of Burke & Herbert's common stock on May 2, 2024, was $51.67 per share.

Sentiment

Score: 7

Explanation: The document reports a completed merger and subsequent share acquisition, which is generally viewed positively as it signifies the execution of a strategic plan. The sentiment is neutral to positive.

Positives

• The merger between Burke & Herbert and Summit Financial Group has been successfully completed.

Future Outlook

NA

Industry Context

This merger reflects a trend of consolidation within the financial services industry, where companies seek to achieve economies of scale and expand their market presence.

Stakeholder Impact

• Shareholders of Summit Financial Group received shares of Burke & Herbert as a result of the merger.
• The merger could lead to changes in the combined company's operations, potentially affecting employees, customers, and other stakeholders.

Key Dates