Burke & Herbert Financial Services Corp.

Burke & Herbert Financial Services Corp. and Burke & Herbert Bank & Trust Company entered into a change in control (CIC) agreement with Kirtan Parikh, Executive Vice President and Chief Financial Officer, on July 6, 2026. This agreement outlines severance benefits for Mr. Parikh if his employment is terminated without cause or for good reason following a change in control. The benefits include 24 months of base salary, a lump-sum payment of two times his target annual incentive bonus, and up to 18 months of healthcare premiums, subject to a separation and release agreement.

Burke & Herbert Financial Services Corp. completed its merger with LINKBANCORP, Inc. on May 1, 2026, significantly expanding its balance sheet. Total assets grew to $10.99 billion, total deposits to $8.97 billion, and net loans to $7.91 billion as of June 30, 2026. However, net income for the second quarter of 2026 decreased to $9.48 million from $29.90 million in the prior year, with basic EPS falling to $0.50 from $1.98.

Burke & Herbert Financial Services Corp. reported its second quarter 2026 financial results, with net income applicable to common shares of $9.3 million and diluted EPS of $0.50. On an adjusted basis, operating net income was $37.5 million and diluted EPS was $2.03, reflecting the impact of the recently completed merger with LINKBANCORP. The company's board also declared a regular quarterly cash dividend of $0.55 per share. The merger, completed on May 1, 2026, significantly expanded the company's footprint and asset base to approximately $11.0 billion, with post-merger metrics like tangible book value dilution performing better than initial estimates.

Burke & Herbert Financial Services Corp. announced the retirement of H. Charles Maddy, III as President, effective June 30, 2026. In connection with his retirement, Mr. Maddy entered into a Separation and Release of Claims Agreement. Under the agreement, he will receive a cash severance of $558,334.40, transfer of a company vehicle valued at $58,400, 10 months of COBRA coverage, and accelerated vesting of 6,673.32 performance-based restricted stock units. He also received a retirement gift of approximately $35,375.

Burke & Herbert Financial Services Corp. announced the appointment of Roy E. Halyama as the new President of both the Company and Burke & Herbert Bank & Trust Company, effective July 1, 2026. This appointment follows the previously announced retirement of H. Charles Maddy, III, who will step down as President on June 30, 2026. Mr. Halyama, currently the Executive Vice President and Chief Financial Officer, has been with the Company since 2021, and his compensation arrangements remain unchanged.

Burke & Herbert Financial Services Corp. held its Annual Meeting on June 18, 2026, where shareholders voted on four proposals. All fourteen nominated directors were elected to serve until the 2027 Annual Meeting. Shareholders also ratified the appointment of Crowe LLP as the independent auditor for fiscal year 2026 and approved, on an advisory basis, the compensation of the company's named executive officers. Additionally, a plurality of shareholders voted for a one-year frequency for future advisory votes on executive compensation.

Burke & Herbert Financial Services Corp. completed its previously announced merger with LINKBANCORP, Inc. on May 1, 2026, with LINKBANK merging into Burke & Herbert Bank & Trust Company. For the first quarter ended March 31, 2026, the company reported a slight increase in net income to $27.3 million, up from $27.2 million in the prior year, while basic earnings per common share remained flat at $1.80. Total assets saw a modest increase, but total deposits and net interest income experienced a decrease compared to the previous year.

Burke & Herbert Financial Services Corp. issued a 1Q26 update, primarily focusing on forward-looking statements regarding its proposed merger with LINK, which was announced on December 18, 2025. The company discussed expectations for the merger's timing, anticipated cost savings, synergies, and other benefits. It also highlighted various risks and uncertainties that could cause actual results to differ materially from projections.

Burke & Herbert Financial Services Corp. and LINKBANCORP, Inc. announced that they have received all necessary regulatory approvals or waivers for their previously announced merger. The completion of these approvals paves the way for the merger, which is now expected to close on May 1, 2026, subject to the satisfaction of customary closing conditions.