Summit Financial Group

Name

Summit Financial Group

Legal name

Summit Financial Group, Inc.

Website

https://summitfgi.com

Company type

Private

Founded year

1987

Operating status

Acquired

Headcount range

251–500 employees

Ownership category

akta.pro rank

Headquarters

HQ city

Moorefield

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales

Revenue model

1. Traditional Banking Operations: Following the 2023 merger with Summit Financial Group, Burke & Herbert operates as a regional bank offering business and personal financial solutions including banking, borrowing, and investment services. Revenue is generated through net interest income on loans and deposits, non-interest income from banking services, and fee-based financial products.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels2 records

Core offering

Summit Financial Group, Inc. is a financial holding company that provides community banking services to individual consumers and business clients. The company operated through its subsidiary Summit Community Bank, offering a full range of business and personal financial solutions spanning banking deposits, lending, and investment products. Following its 2023 acquisition by Burke & Herbert Financial Services Corp., these operations were integrated into the combined regional bank franchise.

Product overview

Summit Financial Group merged into Burke & Herbert Financial Services Corp in 2023 (completed May 2024). As a merged entity, the combined company operates under Burke & Herbert Financial Services Corp as the financial holding company for Burke & Herbert Bank & Trust Company, offering a full range of business and personal financial solutions. The source data does not provide specific details about Summit Financial Group's standalone product portfolio prior to the merger.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• 37.5% cost savings as percentage of Linkbancorp's noninterest expense base through merger integration
• +1 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Linkbancorp, Inc.coreStrategic or Co-development Partner · 18 December 2025Burke & Herbert Financial Services Corp. (successor to Summit Financial Group following 2023 merger) agreed to acquire Linkbancorp of Camp Hill, Pennsylvania for $354.2 million in stock. The merger marks Burke & Herbert's first entry into Pennsylvania's banking market. Transaction expected to close in Q2 2026 with projected combined assets of $11 billion and deposits of $9.1 billion. Projected cost savings of 37.5% of Linkbancorp's noninterest expense base and 18% EPS accretion in 2027.

Scale indicators9 records

Recent moves5 records

Expansion highlights4 records

Direct peers

• United Bankshares: West Virginia-based regional bank holding company operating a multi-state branch network across the Mid-Atlantic and Southeast. Highly comparable as a community-to-super-community bank with similar geographic footprint and acquisition-driven growth strategy.
• City Holding Company: West Virginia-based bank holding company for City National Bank, serving West Virginia, Virginia, Kentucky, and Ohio. Directly comparable as a WV-headquartered community bank with similar business and personal banking offerings.
• WesBanco: West Virginia-based multi-state bank holding company operating across WV, PA, OH, KY, IN, and MD. Comparable as a regional community bank with branch-based distribution and similar acquisition growth strategy.
• Atlantic Union Bankshares: Virginia-based regional bank holding company operating across Virginia, Maryland, North Carolina, and Washington D.C. metro area. Directly comparable as a Mid-Atlantic super-community bank with similar customer mix and branch strategy.
• S&T Bancorp: Pennsylvania-based community bank holding company operating across western and central Pennsylvania. Comparable as a state-focused regional bank with similar business and consumer banking services.
• FNB Corporation: Pennsylvania-based regional bank holding company with branches across PA, OH, MD, NC, SC, VA, WV, and DC. Comparable as a multi-state Mid-Atlantic regional bank pursuing acquisition-driven growth.
• Eagle Bancorp: Maryland-based bank holding company for EagleBank, serving the Washington D.C. metropolitan area. Comparable as a D.C. metro area community bank with similar commercial and consumer banking focus.
• Premier Financial Corp: Ohio-based bank holding company operating across Ohio, Michigan, Indiana, Pennsylvania, and West Virginia. Comparable as a multi-state community bank with similar Mid-Atlantic/Appalachian footprint.
• First Mid Bancshares: Illinois-based community bank holding company operating across Illinois, Missouri, Texas, and Wisconsin. Comparable as a community-focused bank with similar size and acquisition-driven growth strategy.

Broad incumbents

• Burke & Herbert Financial Services Corp. The acquiring company of Summit Financial Group, operating as a financial holding company for Burke & Herbert Bank & Trust Company. Comparable as the surviving parent entity whose financial profile now reflects Summit's operations.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/mysummit1
• Facebookfacebook.com/SummitCommunityBank

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Summit Financial Group