Burke & Herbert in Va. to form holding company

Burke & Herbert in Alexandria, Va., plans to form a holding company.

The $3.6 billion-asset bank said in a press release Wednesday that it will seek regulatory approval to create Burke & Herbert Financial Services.

"We believe the new corporate structure will provide further financial and operational flexibility for the Bank and is an important part of the continued success of the Bank," E. Hunt Burke, the bank’s chairman, said in the release.

"A successful corporate reorganization can lead to additional access to capital markets, better liquidity for our shareholders and increased visibility and demand for our stock," David Boyle, the bank's president and CEO, said in the release. 

Burke & Herbert is the oldest bank in Virginia.