Burke & Herbert Financial Services Corp. Merger with LINKBANCORP, Inc.

On May 1, 2026, Burke & Herbert Financial Services Corp. completed its merger with LINKBANCORP, Inc. (LNKB). As part of the merger, LNKB merged with and into Burke & Herbert, with Burke & Herbert continuing as the surviving corporation. Subsequently, LINKBANK merged with and into Burke & Herbert Bank & Trust Company, with Burke & Herbert Bank as the surviving bank. Holders of LNKB common stock received 0.1350 shares of Burke & Herbert common stock for each share of LNKB common stock, with cash paid in lieu of fractional shares. The total consideration amounted to approximately 5,102,855 shares of Burke & Herbert common stock. The merger also involved the treatment of LNKB equity-based awards, including restricted stock, restricted stock units, and stock options, which were either vested and converted into merger consideration or assumed by Burke & Herbert with adjusted terms. Warrants for LNKB common stock were also converted into warrants for Burke & Herbert common stock. In governance, two LNKB directors joined the Burke & Herbert board, and three members, including two LNKB directors and LNKB's CEO, were appointed to the Burke & Herbert Bank board. Key executive changes include Carl Lundblad becoming Executive Vice President and Chief Operating Officer of Burke & Herbert and Burke & Herbert Bank, Andrew Samuel serving as Senior Advisor to Burke & Herbert Bank, and Brent Smith becoming Executive Vice President, Pennsylvania Market Leader for Burke & Herbert Bank. Kirtan Parikh is set to become Executive Vice President and Chief Financial Officer of Burke & Herbert on July 1, 2026, coinciding with H. Charles Maddy III's retirement and Roy E. Halyama's anticipated transition to President. The bylaws were amended to allow the board to set the number of directors, increasing the board size to seventeen. Burke & Herbert also issued a press release on May 1, 2026, announcing the completion of the merger.