Burke & Herbert Financial Services Corp. (BHRB) entered a merger agreement on December 19, 2025, to acquire LINKBANCORP, Inc. (LNKB), in an all-stock deal valued at $458.02 million.
Burke & Herbert will acquire LINK in an all-stock transaction valued at $9.38 per share of LINK common stock, representing a 10.09% premium from the stock’s last close.
Holders of LINK common stock will have the right to receive 0.1350 shares of Burke & Herbert common stock for each share of LINK common stock.
LINKBANCORP is a community-focused bank holding company formed in 2018 that provides full-service retail and commercial banking to individuals, businesses, and nonprofits across Pennsylvania and neighbouring states, with approximately $3.2 billion in assets and $2.6 billion in deposits.
Burke & Herbert Financial Services is a financial holding company for Burke & Herbert Bank & Trust Company, a full-service regional bank founded in 1852 that provides business, personal, and wealth management banking services through more than 75 branches across Delaware, Kentucky, Maryland, Virginia, and West Virginia, with about $7.9 billion in total assets and $6.4 billion in total deposits.
The deal expands Burke & Herbert into Pennsylvania, bringing its network to more than 100 locations across Delaware, Kentucky, Maryland, Pennsylvania, Virginia, and West Virginia.
The deal creates a bank holding company with roughly $11 billion in assets and $9.1 billion in deposits.
Existing Burke & Herbert shareholders are expected to own about 75% of the outstanding shares of the combined company, while LINK shareholders are expected to own roughly 25%.
Two LINK board members will join the combined company’s board when the transaction closes. LINK CEO Andrew Samuel will join the board of Burke & Herbert Bank upon closing and will serve as a Senior Advisor. Carl Lundblad will be appointed Executive Vice President, and Brent Smith will serve as Pennsylvania Market Leader.
Stephens served as financial advisor, and Luse Gorman served as legal advisor to LINK. Keefe, Bruyette & Woods, a Stifel company, provided financial advisory services, and Troutman Pepper Locke served as legal counsel to Burke & Herbert.
The deal is expected to close in the second quarter of 2026.
Burke & Herbert is acquiring LINK at 1.38 times the tangible book value.
For more information about this merger, please visit the Deal Metrics page:
Deal Metrics for the acquisition of LINKBANCORP, Inc. (LNKB) by Burke & Herbert Financial Services Corp. (BHRB)
The Deal Metrics page for each merger or acquisition includes:
– A spread history chart of the merger from announcement through eventual completion or failure.
– Progress of the merger through the expiration of the HSR period, various regulatory approvals, shareholder votes, etc.
– News and SEC filings.
– A history of deal updates.
– And much more.
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Editor’s Note: Baranjot Kaur contributed to this article