In an industry beset with bad financial news, Burke & Herbert Bank and Trust Company, Virginia's old bank, established in 1852, and the oldest community bank in the Washington area, bucked the national trend. It announced continued strong quarter earnings, for the second quarter in a row, and excellent Capital-to-Asset ratio.
The bank reported net income of $11.377 million for the first six months of 2008, an increase of $2.34 million over the same period in 2007. And, as of June 30, Burke & Herbert's capital-to-asset ration stood at 10.24 percent, more than twice the ratio necessary to be classified as "well capitalized" by the Federal Deposit Insurance Corporation (FDIC).
Earnings per share for the private, locally-owned (non-publicly traded) corporation were $59.17. That was up $12.40 per share or 26 percent over the same period in 2007, according to the bank's report. Burke & Herbert officials attributed the growth to "a direct result of repositioning its investment portfolio and targeting more profitable loans."
Charles Collum, chairman and CEO, Burke & Herbert Bank and Trust Company said, "Amid all of the negative financial news we have seen recently, I am very pleased to report these results. We are particularly encouraged that our careful stewardship has kept our bank financially strong despite an unpredictable economic climate for other banks."
In addition to strong financials, Collum reported that Burke & Herbert has again earned an "Excellent" rating from TheStreet.com Ratings,Inc. for its second quarter performance. According to the independent rating, Burke & Herbert provides customers excellent financial security. TheStreet,com's "A" rating places Burke & Herbert in an elite group of banks nationwide.
<b>>BRAC Assessment Available</b>
The Department of the Army has published the Final Environment Assessment and Draft Finding of No Significant Impact pertaining to the final realignment of personnel as a result of the 2005 Base Realignment and Closure Report (BRAC). It evaluates the potential environmental and socioeconomic impacts associated with the relocation of 6,409 Department of Defense personnel referred to as BRAC 133.
Presently located in leased space throughout the Greater Washington Metropolitan Area, BRAC 133 includes activities associated with the Washington Headquarters Services (WHS) at Fort Belvoir. The EA is available for public analysis for 30 days from July 14 until August 13. It discusses three potential sites for BRAC 133 personnel -- the GSA Warehouses in Springfield, The Victory Center on Eisenhower Avenue in Alexandria, and the Mark Center adjacent to I-395 in Alexandria.
An electronic version can be downloaded at http://www.belvoirbrac-eis.net or http://www.hqda.army.mil/acsim/brac/env_ea_review.htm. Copies are available at public libraries throughout the area and at government offices in Mount Vernon, Lee and Springfield districts, and the City of Alexandria.
For additional information contact Don Carr, director, Public Affairs, Ft. Belvoir, at 703-805-2583, e-mail address: donald.carr@conus.army.mil during normal business hours Monday through Friday.
Written comments on the EA should be mailed to Fort Belvoir BRAC, ATTN: BRAC 133 EA Comments, 10306 Eaton Place, Suite 340, Fairfax, VA 22030 or by e-mail to brac133eacomments@tetratech.com or online at http://www.belvoirbrac-eis.net. All comments must be submitted by August 13, 2008.