Burke & Herbert Bank & Trust Company
Burke & Herbert Bank & Trust Company is headquartered in ALEXANDRIA and is the 6th largest bank in the state of Virginia. It is also the 198th largest bank in the nation. It was established in 1852 and as of September of 2024, it had grown to 857 employees at 80 locations. Burke & Herbert Bank & Trust Company has an A health rating.
Took Over A Well Functionung Bank SUMMIT
And now there is chaos. BH did not notify Summit deoositors that their bank was changing. We did not receive any notification.The new bank never heard of my account. I received misinformation when I inquired about my account. The wait times are 15 minutes to an hour. Summit really cared about its customers. BH seems much more concerned with its commercial clients. SUMMIT made me feel secure. BH does not.
I closed my account. Clearly BH is focused solely on corporate clients. There are many good banks out there with caring employees. Check out Marcus for a streamlined, clear experience.
Profoundly Incompetent
This bank merged with Summit Community Bank (The bank underlying the SFGI Direct product).
Unfortunately they have done everything they could to annoy SFGI Direct customers.
First they transitioned customers to a new login at their web site. Unfortunately they did not send an email explaining that to login at the new site one must use the last 4 digits of your SSN as your password. I tried logging in with the same password I used at SFGI before and as a result my account is now locked.
When I call their customer service phone number to try to unlock my account I am left on hold for long periods of time listening to a constant stream of announcements instead of silence which is cognitively taxing and frustrating.
Clearly this bank is run by incompetent people who do not care about their customers.
Not A Fan Of Burke And Herbert
I am not a fan of BH. They posted my auto payment incorrectly. I have been paying this loan for years with no issues. First payment I make with BH and it's screwed up. I sent a message through the app. BTW the app says they will respond in 60 minutes or less. I got a lame response 2 days later. They blew me off and offered no help. I used to work at Summit so I called a friend and she and another lady (Summit employee) in Loan Processing corrected my account. It took days. It caused me an enormous amount of stress and anxiety. I DO NOT pay my bills late. I pay this payment before it is even due! Wait times on the phones are unacceptable. Customer Service is horrible. The app won't let me tranfer to an external account anymore
for some reason. BH does not give two craps about my little car loan and it shows. Summit COMMUNITY Bank cared. Fast forward. I'm refinancing my car and I will close and move my accounts as soon as possible. I need to know my accounts are taken care of and I need to know I can call and get help. BH has proven they are not the bank for me.
Data as of Q3 2024
Learn why bank health mattersHealth Grade Components
| Overall | |
|---|---|
| FDIC Certificate # | 11578 |
| Year Established | 1852 |
| Employees | 857 |
| Primary Regulator | FDIC |
| Profit Margin | |
|---|---|
| Return on Assets - YTD | 0.69% |
| Return on Equity - YTD | 7.09% |
| Annual Interest Income | $253.9MM |
| Assets and Liabilities | ||
|---|---|---|
| Assets | Q3 2024vs Q3 2023 | $7.86B$3.59B |
| Loans | Q3 2024vs Q3 2023 | $5.51B$2.05B |
| Deposits | Q3 2024vs Q3 2023 | $6.61B$2.99B |
| Equity Capital | Q3 2024vs Q3 2023 | $832.9MM$269.1MM |
| Loan Loss Allowance | Q3 2024vs Q3 2023 | $67.8MM$26.1MM |
| Unbacked Noncurrent Loans | Q3 2024vs Q3 2023 | $35.9MM$2.9MM |
| Real Estate Owned | Q3 2024vs Q3 2023 | $2.6MM$0 |
