TowneBank and Old Point Financial Corporation Announce Agreement to Merge

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[{"type":"text","content":"SUFFOLK, Va. and HAMPTON, Va., April 03, 2025 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) and Old Point Financial Corporation (NASDAQCM: OPOF) (“Old Point”), the parent company of The Old Point National Bank of Phoebus (“OPNB”), today announced the signing of a definitive agreement and plan of merger pursuant to which TowneBank will acquire Old Point and OPNB. The proposed transaction will enhance TowneBank’s position in the Hampton Roads MSA with the addition of a high-quality core deposit franchise. Pro forma for TowneBank’s recently closed acquisition of Village Bank and Trust Financial Corp. and the proposed acquisition of Old Point, the combined company would have total assets of $19.5 billion, loans of $13.1 billion and deposits of $16.3 billion as of December 31, 2024. TowneBank expects the acquisition to be approximately 10% accretive to earnings per share with fully phased-in cost savings on a GAAP basis. “We are excited to partner with Old Point and welcome its talented team into our TowneBank family,” said G. Robert Aston, Jr., Executive Chairman of TowneBank. “Old Point has legendary status here in our community and most especially, in Hampton, Virginia where it was founded over 100 years ago. I have the deepest respect for the Shuford family that has guided Old Point throughout the years with the highest of character and unwavering integrity. Joining our two banking families together will create a combined franchise with a strong core deposit base, outstanding credit quality, and substantial synergies that will generate top tier financial performance for our shareholders while helping our communities grow and prosper.” Robert F. Shuford, Jr., Chairman, President and Chief Executive Officer of Old Point Financial Corporation added, “Great competition builds better companies and TowneBank has raised the bar high – to the benefit of Old Point. Under Bob Aston’s leadership, they have built an incredible franchise. Together, we will bring expanded relationships and services to our communities, enhanced opportunities for our employees, and significant value for our shareholders. We are excited about this partnership and the opportunity to bring together the Old Point and TowneBank families.” Under the terms of the agreement, shareholders of Old Point will elect to receive either $41.00 in cash or 1.14...

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