Historic Virginia Bank Announces Major Acquisition

Burke & Herbert Bank, the oldest bank in Virginia, has announced a definitive agreement to acquire LinkBank in an all-cash transaction valued at approximately $354 million. The deal, unanimously approved by both companies' boards of directors, represents a significant expansion for the 170-year-old financial institution.

Strategic Growth in the Mid-Atlantic

The acquisition will substantially increase Burke & Herbert's presence in the Mid-Atlantic region, adding LinkBank's network of branches and digital banking capabilities. According to bank executives, this move is designed to enhance competitive positioning and create a more robust financial services platform for customers across multiple states.

"This strategic acquisition aligns perfectly with our long-term growth objectives," said David Boyle, CEO of Burke & Herbert. "LinkBank's innovative digital approach combined with our deep community banking roots creates a powerful combination that will benefit customers, employees, and shareholders."

Transaction Details and Timeline

  • The $354 million acquisition is an all-cash transaction
  • Expected to close in the fourth quarter of 2024, subject to regulatory approvals
  • LinkBank branches will be rebranded under the Burke & Herbert name
  • No immediate changes to customer accounts or services are anticipated

Industry analysts note this acquisition continues the consolidation trend in regional banking, as institutions seek scale to compete with larger national banks and fintech competitors. The combined entity will have significantly expanded assets and customer reach upon completion.