Burke & Herbert Financial Services Corp. priced a public offering of $100.0 million of 7.00% fixed-to-floating rate subordinated notes due Oct. 1, 2036. The notes are priced at par and are intended to qualify as Tier 2 capital. Interest will accrue at 7.00% annually through Sept. 30, 2031, then reset quarterly to Three-Month Term SOFR or another applicable benchmark plus 222 basis points through maturity or earlier redemption. The offering is expected to close Sept. 30, 2026, subject to customary conditions. The company plans to use proceeds, together with cash on hand, to repay or potentially redeem several outstanding subordinated securities, potentially redeem its 2021 preferred stock and provide capital to Burke & Herbert Bank & Trust Company for growth.