TowneBank and Old Point Financial Corporation announced on August 14, 2025, that they had received all required regulatory approvals for their proposed merger. Approvals were granted by the Federal Deposit Insurance Corporation (FDIC) and the Bureau of Financial Institutions of the Virginia State Corporation Commission.
With all regulatory hurdles cleared, the merger is now expected to close on or about September 1, 2025, subject to the satisfaction of customary closing conditions. This development provides a definitive timeline for the completion of the strategic transaction.
The deadline for Old Point shareholders to elect their preferred form of consideration—either $41.00 in cash or 1.14 shares of TowneBank common stock per share—is 5:00 p.m., Eastern Time, on August 26, 2025. This election process is subject to allocation and proration procedures detailed in the merger agreement.
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