Burke & Herbert Financial Services in Alexandria, Va., has fulfilled a pledge for its purchase of Summit Financial Group by creating a charitable foundation.
The $8.3 billion-asset company said in a press release that it had formed the Burke & Herbert Bank Foundation to provide targeted support to local organizations. Burke & Herbert said when it announced plans to buy Summit in August 2023 that it would create a $5 million foundation.
Burke & Herbert bought Summit in May.
“We believe that the best solutions come from within the community itself,” David Boyle, the company’s chairman and CEO, said in the release. “The foundation is here to support those who are passionate about improving their neighborhoods, and together, we can achieve our goal of being the quintessential community bank by being a dependable, caring community partner.”