LINKBANCORP, Inc. (NASDAQ: LNKB) and Burke & Herbert Financial Services Corp. (NASDAQ: BHRB) have agreed to a $354.2 million all‑stock merger that will create a combined bank with roughly $11.0 billion in assets and $9.1 billion in deposits. The deal values each LINK share at $9.38, based on Burke & Herbert’s closing price of $69.45 on December 17, 2025.
Under the terms, every LINK share will be exchanged for 0.1350 shares of Burke & Herbert common stock, giving Burke & Herbert shareholders about 75% ownership of the new entity and former LINK shareholders 25%. Two LINK directors will join Burke & Herbert’s board, and LINK CEO Andrew Samuel will serve as senior advisor and bank director, ensuring continuity of leadership and culture.
Strategically, the merger extends Burke & Herbert’s footprint into Pennsylvania and the broader Mid‑Atlantic region, adding 100+ locations across six states. For LINK shareholders, the transaction offers a premium equity consideration and access to a larger, diversified banking platform that can leverage Burke & Herbert’s stronger deposit base and broader geographic reach.
Financially, LINK reported Q3 2025 net income of $7.8 million, up from $7.4 million in Q2 2025 and $7.1 million in Q3 2024, with a net interest margin of 3.75% versus 3.80% in Q2 2025. Burke & Herbert posted Q3 2025 net income of $29.7 million. The combined entity is projected to generate an EPS of approximately $9.18 in its first full year of operations, assuming the targeted cost savings and revenue synergies are realized. The transaction is expected to be accretive to earnings per share and will be structured to preserve current dividend payouts to LINK shareholders.
Leadership continuity is a key focus: David P. Boyle will remain CEO of the combined bank, while Andrew Samuel’s advisory role will help integrate the two cultures and preserve customer relationships. The board composition will reflect the new ownership split, with two former LINK directors joining Burke & Herbert’s board to bring expertise in community banking and regulatory compliance.
The merger is slated to close in the second quarter of 2026, contingent on regulatory approvals and shareholder votes. Both parties have committed to a $14.2 million termination fee, underscoring the seriousness of the agreement and the expectation that the deal will proceed to completion.
The transaction represents a strategic consolidation that enhances scale, geographic reach, and financial strength, positioning the combined bank to better serve Mid‑Atlantic customers and compete with larger regional players.
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