Business

Business News & Notes: December 22nd – 28th

Burke & Herbert Combine Titles

Burke & Herbert Financial Services Corp. in Alexandria reported that its CEO, David Boyle, has been elected board chair, effective Jan. 1. Boyle will replace former CEO E. Hunt Burke as chairman, though Burke will remain chair of the bank subsidiary, Burke & Herbert Bank Trust, and will continue to serve on the holding company’s board of directors. As Virginia’s oldest continuously operating bank, it prepares to begin selling its shares on the Nasdaq as a means of both raising capital and raising its profile with investors. Its shares currently trade on the Pink Sheets. Burke & Herbert has $3.6 billion in assets and about 20 branches in Northern Virginia. As of June 30, it had the No. 15 market share in Greater Washington, with $3 billion in deposits.

Fairview Park Hotel Renovation Completed

Marriott International has completed a $11 million-dollar revitalization of the 395-room Falls Church Marriott Fairview Park. This includes a renovated lobby, a modernized fitness center, two new junior ballrooms, 27,000 square feet of meeting space and Tandem, a new restaurant and cocktail lounge. The makeover design was inspired by the early settlers to the Falls Church area, likely part of the Algonquian, Siouan and Iroquois nations. The hotel’s redesign celebrates details from these communities with artifacts, objects and drawings in combination with modern functionality. The property has more than 27,000 square feet of meeting space with a Grand Ballroom that can accommodate up to 1,200 people. The 16-story hotel is owned by Lakewood Hotel Group and managed by Marriott International.

Museum Plan Recognized

Falls Church-based OSS Society received promising news this month on Capitol Hill. The wording in the National Defense Authorization Act gave official recognition to a planned facility known as the National Museum of Intelligence and Special Operations. Charles Pinck, president of The OSS Society, acknowledged that this should boost the fundraising goal of about $100 million to develop and launch the museum at the mixed-use Kincora development in Ashburn. The society was created to honor the efforts of Gen. William J. “Wild Bill” Donovan and his Office of Strategic Services, the precursor to the CIA.

Free Metro Rides New Year’s Eve

The Washington Metropolitan Area Transit Authority has announced free metro rides during the last hours of 2022. Metro announced extended hours to 2 a.m. on Sunday, Jan. 1 and free fares from 8 p.m. on Saturday, Dec. 31 through closing. When taking Metrorail and Metrobus after 8 p.m. on Dec. 31, riders do not need to pay with their SmarTrip card. Regular fares and hours will resume at 4 a.m. on Jan. 1 for Metrobus and 7 a.m. for Metrorail.