Burke & Herbert Financial Services Corp. completed its underwritten public offering of $100,000,000 aggregate principal amount of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2036 on September 30, 2026. The notes were sold at par to Keefe, Bruyette & Woods, Inc., as sole underwriter. The company intends to use the net proceeds plus cash on hand to repay $42.6 million of existing subordinated debt maturing in 2028 and 2030, potentially retire $75.0 million of notes due in 2031, and possibly redeem $15.0 million of preferred stock. The offering is intended to qualify as Tier 2 capital for regulatory purposes. Burke & Herbert Financial Services Corp. operates as the holding company for a regional bank providing commercial and consumer banking services.
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