Summit Financial Group’s Strategic Merger and Corporate Reorganization

Summit Financial Group (SMMF) has provided an announcement.

Summit has effectively merged with Burke & Herbert, with consequential changes to its stock listings and corporate governance. As of May 3, 2024, Summit’s common stock was delisted from Nasdaq and deregistration and suspension of reporting obligations were initiated. The merger led to resignations and new appointments within the board and executive roles, with key Summit figures taking on significant positions at Burke & Herbert. Furthermore, Burke & Herbert issued new preferred stock to former Summit preferred stockholders, offering priority in dividends and liquidation proceedings. The corporate structure and governance of the new entity are detailed in amended bylaws and certificates, setting the framework for the merged company’s future operations.

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