Old Point Financial Corporation and TowneBank announced the signing of a definitive agreement and plan of merger on April 3, 2025, under which TowneBank will acquire Old Point. This transaction, unanimously approved by both boards, is expected to create a stronger, more competitive regional bank.
Under the terms of the agreement, Old Point shareholders will have the option to elect to receive either $41.00 in cash or 1.1400 shares of TowneBank common stock for each share of Old Point common stock. The merger is subject to customary closing conditions, including approval from Old Point's shareholders and various regulatory bodies.
The proposed merger represents a strategic move to enhance growth opportunities and shareholder value by combining the strengths of both institutions. This combination is anticipated to provide the combined company with a stronger platform for future expansion and market presence.
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