Form 4: Georgette R. George Reports Beneficial Ownership Changes Following Burke & Herbert and Summit Financial Group Merger

Georgette R. George, a director of Burke & Herbert Financial Services Corp., reports changes in beneficial ownership of common stock following the merger with Summit Financial Group, Inc. on May 3, 2024.

Summary

• Georgette R. George, a director of 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, Inc., which closed on May 3, 2024.
• As per the merger agreement, each share of Summit common stock held by the reporting person was converted into the right to receive 0.5043 of a share of Burke & Herbert common stock, rounded down to the nearest whole number.
• The closing price of Burke & Herbert's common stock on May 2, 2024, was $51.67 per share.
• The reported transactions include acquisitions of Burke & Herbert common stock through direct ownership and indirect ownership via a 401(k) plan, George Brothers Investment Partnership, and Sellaro Enterprises, Inc.

Sentiment

Score: 7

Explanation: The document is a standard regulatory filing related to a merger, indicating a neutral to slightly positive sentiment due to the completion of the merger.

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.

Comparison to Industry Standards

• Comparing the merger to other bank mergers, the exchange ratio of 0.5043 shares of Burke & Herbert for each share of Summit is within the typical range for similar transactions.
• Other comparable companies that have undergone mergers include WesBanco and Farmers Capital Bank Corporation, where similar stock-based exchange ratios were used.
• The closing price of $51.67 for Burke & Herbert is within the range of regional bank stock prices.

Stakeholder Impact

• Shareholders of Summit Financial Group received Burke & Herbert shares, impacting their investment portfolio.
• The merger could lead to changes in employee roles and responsibilities at both Burke & Herbert and Summit Financial Group.

Key Dates