Burke & Herbert director Kitzmiller to exit board

Burke & Herbert Financial Services Corp. (NASDAQ:BHRB) announced today that board member Jason A. Kitzmiller will not seek re-election at the upcoming 2025 Annual Shareholder’s Meeting. Kitzmiller will continue his duties until the meeting, scheduled for May 22, 2025.

The company, headquartered in Alexandria, Virginia, expressed gratitude to Kitzmiller for his contributions to both Burke & Herbert and Summit Financial Group (NASDAQ:SMMF), Inc. His departure was disclosed in a Form 8-K filing with the Securities and Exchange Commission.

In the same filing, the company also stated that the 2025 Annual Meeting would take place at the Burke & Herbert Corporate Center in Alexandria, Virginia. The board fixed March 14, 2025, as the record date for shareholders eligible to receive notice and vote at the meeting.

Further details regarding the meeting and proxy materials will be provided to shareholders and filed with the SEC at a later date. The company alerted shareholders that due to the meeting’s date being more than 30 days before the anniversary date of the 2024 Annual Meeting, there are revised deadlines for shareholder proposals.

Shareholder proposals for inclusion in the proxy materials must be received by February 21, 2025. This deadline also applies to shareholder director nominations outside of SEC Rule 14a-8. Proposals and nominations must adhere to SEC rules and the company’s bylaws.

Burke & Herbert Financial Services Corp., established under the SIC code for National Commercial Banks, is incorporated in Virginia and operates with a fiscal year ending on December 31.

This news is based on a press release statement from Burke & Herbert Financial Services Corp. and is intended to provide shareholders and the investment community with essential governance information.

In other recent news, Burke & Herbert Financial Services Corp. has reported a change in its executive team, with Kirtan Parikh stepping in as the Interim Chief Accounting Officer, filling in for Julie R. Markwood during her temporary medical leave. This development follows the company’s recent merger with Summit Community Bank, Inc., and Summit Financial Group, Inc. Parikh, the current Director of Strategy, is familiar with the role, having previously served as the Chief Accounting Officer for the company.

In terms of financial performance, Burke & Herbert Financial Services Corp. recently announced its third-quarter financial results, the first full quarter since its merger. The company reported a net income applicable to common shares of $27.4 million, earnings per diluted common share (EPS) at $1.82, and net interest income for the quarter at $73.2 million. A regular cash dividend increase was also declared, rising 3.8% to $0.55 per share.

Following the merger, analysts from DA Davidson initiated coverage on Burke & Herbert Financial Services, issuing a Buy rating and projecting rapid EPS growth for the company in the coming years. By 2025, the bank is expected to outperform its peers with a return on assets (ROA) of 1.45% and a return on tangible common equity (ROTCE) of 16.5%. These recent developments underscore the ongoing evolution and growth of Burke & Herbert Financial Services Corp.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.