Burke & Herbert Finalizes Merger, Creating $11B Mid-Atlantic Bank

ALEXANDRIA, VA – May 01, 2026 – Burke & Herbert Financial Services Corp. today announced the successful completion of its merger with LINKBANCORP, Inc., a landmark transaction that creates a formidable regional banking institution with approximately $11 billion in assets. The deal, effective May 1, 2026, solidifies the market position of Burke & Herbert, the oldest continuously operating bank under its original name in the greater Washington, D.C. area, and significantly expands its presence across the Mid-Atlantic.

The merger integrates LINKBANK into Burke & Herbert Bank & Trust Company, extending the bank's reach to nearly 100 branches and multiple loan production offices across Virginia, Maryland, Delaware, Pennsylvania, West Virginia, and Kentucky. This strategic expansion marks a new chapter for the historic institution, positioning it for enhanced growth and competition in a consolidating industry.

A New Regional Financial Powerhouse

The all-stock transaction, valued at approximately $354.2 million at the time of its final agreements, fundamentally reshapes Burke & Herbert's financial scale. Under the terms, former LINKBANCORP shareholders received 0.1350 shares of Burke & Herbert common stock for each share of LINK common stock. This arrangement results in former Burke & Herbert shareholders owning approximately 75% of the combined company, with former LINKBANCORP shareholders holding the remaining 25%.

The financial profile of the newly combined entity is substantial. Pro forma estimates project a balance sheet with approximately $11.0 billion in total assets, supported by $9.1 billion in deposits and a loan portfolio of $8.0 billion. The merger is also projected to be a significant driver of efficiency and profitability. Burke & Herbert anticipates realizing cost savings equivalent to 37.5% of LINKBANCORP's annual non-interest expense, with these savings expected to be fully phased in after the first year of combined operations. These synergies are expected to contribute to a combined earnings per share of approximately $9.18 in the first full year, though the company anticipates one-time, after-tax merger-related expenses of around $41.3 million.

In a statement regarding the strategic move, Burke & Herbert's CEO, David P. Boyle, described the merger as a "transformative milestone" that positions the bank to deliver enhanced value and reinforces its commitment to community banking across a much larger geographic stage.

Expanding the Footprint, Integrating the Brand

One of the most significant outcomes of the merger is the dramatic expansion of Burke & Herbert's physical presence. The deal marks the bank's inaugural entry into the competitive Pennsylvania market, where it now operates 24 former LINKBANK branches and four loan production offices. This move not only adds a new state to its portfolio but also deepens its existing operations in Maryland, Delaware, and Virginia, creating a more cohesive Mid-Atlantic network.

For customers of the former LINKBANK, the primary change will be the consolidation of operations under the Burke & Herbert brand. While large-scale bank mergers often raise questions about service continuity and local branch access, the stated goal is a seamless transition. The integration plan focuses on leveraging the combined strengths of both institutions to offer a broader suite of financial products, including comprehensive business and personal banking, borrowing, and investment services, to a wider customer base.

The strategic rationale extends beyond simple geographic expansion. By absorbing LINKBANCORP, which had itself been an active acquirer, Burke & Herbert has bolstered its competitive stance against other regional banks. The increased asset size and market density are expected to provide greater operational scale, enhance lending capacity, and create a more robust platform for future growth.

A Legacy of Growth Meets a Future of Integration

This merger is the latest strategic evolution in the long and storied history of Burke & Herbert Bank & Trust Company. As an institution that has navigated economic shifts for over a century and a half, the acquisition of LINKBANCORP represents a decisive step toward ensuring its continued relevance and resilience. It frames the bank not as a relic of the past, but as an enduring institution actively adapting to the modern financial landscape.

A critical component of this adaptation is the thoughtful integration of leadership from both organizations. Underscoring a spirit of partnership, the combined company has appointed two former LINKBANCORP directors, Diane Poillon and Kristen Snyder, to the Burke & Herbert board. Furthermore, Andrew Samuel, the former CEO of LINKBANCORP, will serve as a Senior Advisor to Burke & Herbert Bank and join its board of directors, ensuring his regional expertise is retained. Key LINKBANCORP executives Carl Lundblad and Brent Smith will also join the executive management team, taking on roles as Executive Vice President and Pennsylvania Market Leader, respectively. This blending of leadership is designed to preserve institutional knowledge and maintain strong ties to the communities previously served by LINKBANK.

Both banks had emphasized their closely aligned corporate cultures, centered on a commitment to customers, communities, and employees. This shared vision was a cornerstone of the merger agreement and will be crucial as the two organizations work to unify their operations and present a single, cohesive brand to the public.

The Smooth Path to Completion

The finalization of the merger on May 1 followed a period of diligent regulatory and shareholder approvals, indicating broad support for the transaction. Shareholders from both Burke & Herbert and LINKBANCORP overwhelmingly approved the deal during special meetings held on March 25, 2026, a process bolstered by voting and support agreements from the directors of both companies.

On the regulatory front, the merger received all required clearances by April 13, 2026. The process, which involved filings with the Securities and Exchange Commission and likely reviews by the Office of the Comptroller of the Currency and state banking commissions, proceeded without significant hurdles. As a final step in the corporate transition, LINKBANCORP's common stock (formerly traded under the ticker LNKB) was delisted from the Nasdaq Stock Market effective April 30, 2026, with Burke & Herbert now moving to deregister those shares and suspend LINKBANCORP's former SEC reporting obligations.