Form 4: Jill S. Upson Reports Acquisition of Burke & Herbert Financial Services Corp. Shares Following Merger

Director Jill S. Upson reports acquiring 1,112 shares of Burke & Herbert Financial Services Corp. common stock on May 3, 2024, following the merger with Summit Financial Group, Inc.

Summary

• On May 3, 2024, Jill S. Upson, a director of Burke & Herbert Financial Services Corp., acquired 1,112 shares of common stock.
• This acquisition resulted from the merger between Burke & Herbert and Summit Financial Group, Inc., which was completed on the same date.
• According to the merger agreement dated August 24, 2023, each share of Summit common stock was converted into 0.5043 shares 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 standard transaction following a merger, which is generally viewed neutrally. The merger itself could be seen as positive for growth, but this document only covers the reporting of share acquisition.

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, Inc. received Burke & Herbert shares 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