Burke & Herbert Bank & Trust Co.
Staff and guests celebrate the ribbon-cutting at the bank's newest location in Southbridge, Va. (Photo: Courtesy of It's Bryntastic.)
About Burke & Herbert Bank & Trust Co.
100 S. Fairfax St., Alexandria, Va. 22314
www.burkeandherbert.com
| 703-549-6600
| Founded: 1852
Industry: Banking | Category: Top Financial Companies
The community bank, which prides itself on personal touches such as giving treats to customers' dogs, faces the same pressure on profit margins that banks across the region and much of the country face as consumers demand higher rates on deposits and lower rates on loans.
The company's profit fell to $20.6 million in 2006, down from $22.2 million in 2005.
It continues to shun the bigger-is-better model of many of its competitors and instead keeps its eye on local Virginia markets.
It opened a branch in Annandale, in part to serve the growing community of Korean Americans who live in that area. And it bought a lot in Manassas and two lots in the Woodbridge area of Prince William County and plans to open branches at those sites within two years.
The bank is also working to increase its electronic offerings. It already offers Internet banking but hopes to soon give customers electronic statements instead of or in addition to paper ones.
Chairman Charles K. Collum Jr. noted that despite the difficult banking environment, Burke & Herbert continues to be among those classified as superior by Bauer Financial, an independent bank-rating service, and other financial rating services.
Chairman and CEO: Charles K. Collum Jr.
2007 Financial Data
Total employees: 330 | Local employees: 330Did You Know
Burke & Herbert Bank & Trust Co., the oldest continuously operating bank in Virginia, offers commercial and consumer loans and deposit services at 17 offices in Northern Virginia, most in Alexandria.
