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].

Core Viewpoint - TowneBank is set to acquire Dogwood State Bank, enhancing its market presence in North Carolina and South Carolina, particularly along the Interstate 85 corridor and the Eastern North Carolina coast [1][2]. Group 1: Merger Details - The merger agreement stipulates that Dogwood's common shareholders will receive 0.700 shares of TowneBank common stock for each share of Dogwood, valuing the deal at approximately $476.2 million based on TowneBank's stock price [3]. - The combined entity will have total assets of approximately $22 billion, loans of about $16 billion, and deposits around $19 billion upon completion of the transactions [2]. Group 2: Leadership and Management - Steve Jones, CEO of Dogwood, will take on a key leadership role as President of North Carolina and South Carolina banking operations within TowneBank [4]. - Robin Perkins, a current director at Dogwood, will join TowneBank's Corporate Board of Directors following the merger [6]. Group 3: Strategic Implications - The acquisition is expected to be approximately 8.0% accretive to TowneBank's earnings per share for 2027, with fully phased-in cost savings anticipated [2]. - The merger will expand TowneBank's footprint in key markets, including Raleigh, Greensboro-Winston Salem, Greenville, Charlotte, and along the Eastern North Carolina coast [1]. Group 4: Company Backgrounds - TowneBank, founded in 1999, operates over 55 banking offices and has total assets of $18.26 billion as of June 30, 2025 [8][10]. - Dogwood State Bank, headquartered in Raleigh, North Carolina, has approximately $2.4 billion in total assets and focuses on small business lending [11].

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]