Alexandria-based has opened a commercial lending office in Bethesda, its first presence in Maryland in its 170-year history.
The branch, at 7272 Wisconsin Ave., is part of Carr Properties’ three-tower office development, where D.C.’s Fox 5 recently relocated to.
The Bethesda opening is part of a larger expansion plan for Burke & Herbert.
“Several factors drove the decision to set up shop in Bethesda. Our strategic vision is to grow the bank, and the Bethesda market is rich with dealmakers and real estate companies,” said Burke & Herbert president and CEO David Boyle.
Earlier this year, the bank added and Richmond, Virginia. Last year, it opened a new loan office and branch in Fredericksburg.
In June, the bank announced its intent to form a holding company, a reorganization that would increase access to capital for expansion.
The bank also recently consolidated a large portion of its office staff to a building at 5680 King Centre Drive in Alexandria, which it acquired for $22 million, a move it said would also support expansion plans.
Burke & Herbert was founded in 1852 in Alexandria and is the oldest continuously operating bank under its original name, headquartered in the Washington region. The bank has more than 20 branches in Northern Virginia, as well as the Fredericksburg and Richmond area, with about $3.6 billion in assets.
