Core Viewpoint - TowneBank has successfully completed its merger with Old Point Financial Corporation, enhancing its market position in the Hampton Roads MSA through the addition of a high-quality core deposit franchise [1][2]. Company Overview - TowneBank, founded in 1999, focuses on building relationships and offers a comprehensive range of banking and financial services, emphasizing a culture of caring and valuing diverse talents [4]. - As of June 30, 2025, TowneBank has total assets of $18.26 billion, making it one of the largest banks headquartered in Virginia [5]. Merger Details - The merger became effective on September 1, 2025, with Old Point National Bank locations operating as "Old Point National Bank, a Division of TowneBank" until February 2026, when systems will be fully integrated [2]. - Old Point Wealth Management will continue to operate under its brand as part of the TowneBank family [2]. Leadership Changes - Following the merger, Robert F. Shuford, Jr., former chairman and CEO of Old Point, has been appointed as a senior executive vice president and will serve as chairman of the TowneBank Peninsula board starting January 1, 2026 [3]. Community Commitment - Both institutions are committed to serving their communities, employees, and shareholders, aiming to build a stronger future together [3].
TowneBank Announces Completion of Old Point Financial Corporation Merger