Burke & Herbert Just Doubled in Size
Alexandria-based Burke & Herbert Financial Services Corp. has completed its merger with West Virginia-based Summit Financial Group. Burke & Herbert’s assets have more than doubled to approximately $8.3 billion with the all-stock merger. The bank will continue to operate under the Burke & Herbert name and remain headquartered in Alexandria while maintaining an operational presence in Moorefield, West Virginia. CEO David Boyle remains chief executive and Summit CEO Charlie Maddy now serves as president and a director. There are now 75 branches in Virginia, West Virginia, Maryland, Delaware, and Kentucky.
Star May take Local Company Public
Alex Rodriguez, former professional baseball star, is planning to take the local company, Lynk Global, public. Rodriguez’s special purpose acquisition company (SPAC), Slam Corp., signed a definitive business combination agreement with Lynk and at closing would be named Lynk Global Holdings, Inc. The deal could value Lynk Global at as much as $800 million. Lynk provides mobile network service to cellular devices using satellites with the goal to bring coverage to rural areas globally without service. It was founded in 2017 by CEO Charles Miller.
Webinar: Writing a One-Page Business Plan
Score is holding a virtual webinar for aspiring entrepreneurs and business owners on the benefits of writing a one-page business plan, Tuesday, May 14, 1:00 – 2:30 p.m. The presenter will review each element of the one-page plan including identifying the problem your business solves, your value proposition, target audience, and more. Live attendees will receive free business resources and a link to the webinar recording. This is free and the link will be shared upon registration: score.org/event/how-write-a-one-page-business-plan-a-step-step-guide.
Inova CEO on the Future of Merrifield Campus
Inova Health System once considered the addition of a mixed-use development on the Merrifield campus of Inova, but CEO Stephen Jones reiterated the priority of clinical care in a recent interview. He renamed the space, Inova Center for Personalized Health (ICPH), and instituted a service line model to advance patient care. Inova is also leasing space to the University of Virginia for multiple degree programs and other educational uses to open in January 2025.
Business News & Notes is compiled by Elise Neil Bengtson, Executive Director of the Greater Falls Church Chamber of Commerce. She may be emailed at elise@fallschurchchamber.org.
