<div id="readability-page-1"><div><ul><li>Key insight: Burke &amp; Herbert in Alexandria, Virginia, would gain its first exposure to Pennsylvania's banking market with a $354 million stock deal for Linkbancorp in Camp Hill. </li><li>Expert quote: The transaction &#34;appears to be sound and helps provide geographic diversification to Burke &amp; Herbert's footprint,&#34; Janney Montgomery Scott Analyst Daniel Cardenas wrote Friday in a research note. </li><li>Supporting data: Burke &amp; Herbert says its previous deal, a merger with Summit Financial Group in Moorefield, West Virginia, exceeded expectations for cost savings, capital generation and return on average assets.</li></ul>A Virginia bank that waited more than 170 years to make its first acquisition has just announced its second.The $7.9 billion-asset Burke &amp; Herbert Financial Services Corp. in Alexandria disclosed late Thursday that it has agreed to buy Linkbancorp of Camp Hill, Pennsylvania, for $354.2 million in stock. The deal would move Burke &amp; Herbert into Pennsylvania. It also continues the regional bank transformation that started in 2023, when the 173-year-old company, Virginia's oldest bank, announced a merger-of-equals with Summit Financial Group in Moorefield, West Virginia.&#34;This strategic acquisition marks another transformative milestone in Burke &amp; Herbert's long history,&#34; Burke &amp; Herbert Chairman and CEO David Boyle said in a press release. &#34;Our entry into Pennsylvania and the expanded presence across key Mid-Atlantic markets underscores our unwavering commitment to community banking and reinforces our reputation as a trusted financial partner wherever we operate.&#34;The combined company would start with $11 billion in assets and $9.1 billion of deposits. Burke &amp; Herbert is projecting cost savings equal to 37.5% of Linkbancorp's noninterest expense base, which totaled $74.9 million in 2024 and $55.9 million through the first nine months of 2025. It's projecting earnings-per-share accretion totaling 18% in 2027, the first full year of combined operations. Janney Montgomery Scott Analyst Daniel Cardenas termed the deal &#34;transformative&#34; in a research note Friday. Cardenas noted it expands the company's footprint into the Pennsylvania market and is expected to be a meaningful additive to earnings-per-share in 2027. It also pushes Burke &amp; Herbert well beyond $10 billion of assets, softening the blow from the loss of interchange income that occurs after banks exceed the Durbin-Amendment threshold. Burke &amp; Herbert expects the transaction to close in the second quarter of 2026.Boyle, who has led Burke &amp; Herbert since 2020, has been at the center of the company's transformation. Boyle has presided over Burke &amp; Herbert's entry into the Richmond, Virginia, market in 2022, its listing on the New York Stock Exchange in April 2023 and the Summit merger, announced four months later.Founded in 2018, the $3.1 billion-asset Linkbancorp has also resorted to merger-and-acquisition activity to spur growth. It acquired GNB Financial Services in Gratz, Pennsylvania, in 2021, and the Salisbury, Maryland-based Partners Bancorp two years later. Combining with the larger Burke &amp; Herbert &#34;accelerates our ability to deliver value for all our stakeholders,&#34; Linkbancorp CEO Andrew Samuel said in the press release.Linkbancorp shareholders are expected to own about 25% of the merged company. Two Linkbancorp directors are expected to join Burke &amp; Herbert's board. Samuel will join the board of Burke &amp; Herbert Bank and serve as a senior advisor. Two Linkbancorp executives, Carl Lundblad and Brent Smith, are slated to join the Burke &amp; Herbert management team. Dan Sondhelm, CEO of Sondhelm Partners, an Alexandria-based financial services consulting firm, called the deal &#34;a​ ​straightforward​ ​play​ ​for​ ​scale​ ​and​ ​expanded​ ​footprint,&#34; in an email Friday. &#34;Burke​ ​&amp;​ ​Herbert​ ​pushes​ ​into​ ​Pennsylvania​ ​and​ ​gets​ ​to​ ​over​ ​100​ ​locations​ ​across​ ​six​ ​states.​ ​The​ ​value​ ​is​ ​cost​ ​elimination​ ​when​ ​you​ ​combine​ ​two​ ​banks​ ​into​ ​an​ ​$11​ ​billion​ ​operation.&#34;The transaction &#34;appears to be sound and helps provide geographic diversification to Burke &amp; Herbert's footprint,&#34; Janney's Cardenas wrote. Though Burke &amp; Herbert doesn't have a long track record in M&amp;A, its one foray into the space has gone better-than-expected. The deal for Summit surpassed projections for capital generation, cost savings and return on average assets, according to the company.</div></div>

LNKB

弗克与赫伯特金融服务公司（Burke & Herbert Financial Services Corp.），弗吉尼亚州最古老的银行，宣布以 3.542 亿美元收购宾夕法尼亚州的 Linkbancorp。这一战略举措标志着弗克与赫伯特进入宾夕法尼亚州，扩大了其业务范围和资产规模至 110 亿美元。该交易预计将提供地理多样化和显著的成本节约，预计到 2027 年每股收益将增加 18%。此次收购延续了弗克与赫伯特的转型，继 2023 年与 Summit Financial Group 合并并在纽约证券交易所上市之后

这笔交易推动了弗吉尼亚州的 Burke & Herbert 银行进入宾夕法尼亚州市场