Virginia’s Burke & Herbert expanding to Penn. in $354 million deal

Alexandria, Va.-based Burke & Herbert Financial Services Corp. is expanding into Pennsylvania by acquiring Camp Hill-based LINKBANCORP for $354 million. .The deal is expected to close in the second quarter of next year. LINKBANCORP is the parent company of LINKBANK. Burke & Herbert Financial Services Company is the holding company for Burke & Herbert Bank & Trust Company. Headquartered south of Washington, D.C., Burke & Herbert Bank & Trust Company had $7.8 billion in assets and $6.4 billion in deposits as of Oct. 29. Headquartered southwest of Harrisburg, Pa., LINKBANK had $3.1 billion in assets and $2.6 billion in deposits. The combined bank will have more than 100 banking locations across six states, along with $11 billion in assets and $9.1 billion in deposits on a pro forma basis.Following the transaction, Burke & Herbert shareholders are expected to own 75 percent of the combined company, with LINK shareholders owning 25 percent. Two LINK directors are expected to join Burke & Herbert’s board upon closing, and LINK CEO Andrew Samuel will join the board of Burke & Herbert Bank as a senior advisor. Several LINK executives will also assume leadership roles, including Carl Lundblad as executive vice president and Brent Smith as Pennsylvania market leader.“Burke & Herbert’s dedication to its core values of serving and leading, delivering more, elevating everyone, and always being invested are demonstrated in its financial results and make them a great partner that accelerates our ability to deliver value for all our stakeholders,” Samuel said. New York City-based Keefe, Bruyette & Woods was financial adviser to Burke & Herbert, while Stephens Inc. advised LINK. Atlanta-based law firm Troutman Pepper Locke provided legal counsel to Burke & Herbert, while Washington, D.C.-based Luse Gorman provided legal counsel for LINK.