Burke & Herbert Financial Services Corp. (BHRB)

Overview

Burke & Herbert Financial Services Corp. is the bank holding company for Burke & Herbert Bank & Trust Company, a provider of various community banking products and services primarily in Virginia and Maryland. Founded in 1852, the company has a rich history and has established itself as a prominent institution within the community banking sector. It is based in Alexandria, Virginia, and has been serving the financial needs of individuals and businesses, offering a comprehensive range of banking services tailored to meet the demands of its customers.

Products and Services

Consumer and Commercial Deposit Products: Burke & Herbert Financial Services Corp. offers a variety of deposit products catering to both consumers and businesses. These include:

• Digital Banking: Enables customers to perform banking transactions online, offering convenience and accessibility.
• Demand Deposits: Accounts that allow depositors to withdraw funds without prior notice.
• Negotiable Order of Withdrawal (NOW) Accounts: Interest-earning checking accounts from which funds can be drawn without prior notice.
• Money Market Accounts: Savings accounts that typically offer higher interest rates in exchange for higher minimum balance requirements.
• Savings Accounts: Traditional interest-bearing deposit accounts for saving money over time.
• Certificates of Deposit: Fixed-term deposit accounts that typically offer higher interest rates in return for leaving the deposit untouched for a predetermined period.

Loan Services: The company provides a diverse range of loan options to meet various financial needs, including:

• Commercial Real Estate Loans: Financing options for purchasing or refinancing commercial property.
• Single Family Residential Loans: Mortgages for buying or refinancing single family homes.
• Owner-Occupied Commercial Real Estate Loans: Financing for businesses to purchase or refinance property that will be primarily used to operate the business.
• Residential Mortgage Loans: Loans tailored for the purchase or refinance of residential properties.
• Acquisition, Construction and Development Loans: Financing solutions for real estate developers and investors for property acquisition, construction, or development.
• Commercial and Industrial Loans: Loans aimed at businesses for operational needs, purchasing equipment, or expanding operations.
• Consumer Non-Real Estate and Other Loans: Various loan products for personal, family, or household purposes that do not involve real estate.

Treasury and Cash Management Services: Offering businesses solutions to manage their payables, receivables, liquidity, and risk more effectively.

Online and Mobile Banking: Allows customers to access their account(s), make transactions, and perform a variety of banking functions via the internet or mobile devices.

Wealth and Trust Services: Including a range of services designed to help individuals and families manage their wealth, plan for retirement, and prepare for inheritance and estate planning.