TowneBank and Old Point Financial Corporation Announce Agreement to Merge

Core Points - TowneBank has signed a definitive agreement to acquire Old Point Financial Corporation and its subsidiary, The Old Point National Bank of Phoebus, enhancing its position in the Hampton Roads MSA with a strong core deposit franchise [1][2] - The combined company, post-acquisition, is projected to have total assets of $19.5 billion, loans of $13.1 billion, and deposits of $16.3 billion as of December 31, 2024, with an expected 10% accretion to earnings per share [2][4] - Old Point shareholders can choose to receive either $41.00 in cash or 1.1400 shares of TowneBank common stock for each share of Old Point, resulting in an aggregate transaction value of approximately $203 million [3][4] Company Overview - TowneBank, founded in 1999, operates over 50 banking offices across Hampton Roads and Central Virginia, with total assets of $17.25 billion as of December 31, 2024 [6][7] - Old Point Financial Corporation, headquartered in Hampton, Virginia, operates 13 branch offices and offers a full range of retail and commercial financial services, including mortgage and insurance products [8]