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]

Core Viewpoint - TowneBank has successfully completed its merger with Village Bank and Trust Financial Corp, enhancing its presence in the Richmond MSA and creating opportunities for revenue synergies and strategic capital deployment [1][2]. Company Overview - TowneBank, founded in 1999, focuses on building relationships and offers a full range of banking and financial services, emphasizing community engagement and enriching lives [4]. - As of December 31, 2024, TowneBank has total assets of $17.25 billion, making it one of the largest banks headquartered in Virginia [5]. Merger Details - The merger was announced in September 2024 and received strong support from Village shareholders during a special meeting in December 2024 [1]. - Following the merger effective April 1, 2025, Village Bank locations will operate as "Village Bank, a Division of TowneBank" until June 2025, when their systems will be integrated [2]. - Frank E. Jenkins, Jr., a former director of Village, has been appointed to the TowneBank board of directors as of April 1, 2025 [2]. Leadership Statements - G. Robert Aston, Jr., Executive Chairman of TowneBank, expressed enthusiasm about the merger and the opportunity to welcome more members in the Richmond area [2]. - James E. Hendricks, Jr., former President and CEO of Village, highlighted the merger as a chance to partner with an organization committed to community engagement [3].