Form 4: Burke & Herbert Financial Services Corp.: Director Kitzmiller Reports Share Conversion Following Summit Financial Group Merger

Director Jason A. Kitzmiller reports changes in beneficial ownership of Burke & Herbert Financial Services Corp. stock following the merger with Summit Financial Group, Inc.

Summary

• Jason A. Kitzmiller, a director of Burke & Herbert Financial Services Corp., reported changes in his beneficial ownership of company stock.
• These changes occurred due to the merger between Burke & Herbert and Summit Financial Group, Inc., which closed on May 3, 2024.
• As a result of the merger, each share of Summit common stock held by Kitzmiller was converted into 0.5043 shares of Burke & Herbert common stock.
• Kitzmiller received 11,439 shares of Burke & Herbert common stock as a result of the conversion.
• Each share of Summit preferred stock held by Kitzmiller was converted into one share of Burke & Herbert preferred stock, resulting in Kitzmiller holding 50 shares of preferred 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 is a standard regulatory filing related to a merger, indicating a neutral to slightly positive sentiment as the merger has been completed as planned.

Future Outlook

The document does not contain specific forward-looking statements beyond the completion of the merger.

Industry Context

The merger reflects a trend of consolidation within the financial services industry, as companies seek to achieve greater scale and efficiency.

Comparison to Industry Standards

• Comparing the merger to similar transactions in the banking sector, the conversion ratio and stock valuation appear to be within typical ranges.
• Other regional bank mergers, such as the combination of United Bankshares and Carolina Financial Corporation, have shown similar patterns of share conversion and integration.
• The success of the merger will depend on Burke & Herbert's ability to effectively integrate Summit's operations and realize synergies.

Stakeholder Impact

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

Key Dates