TowneBank and Old Point National Bank Complete Merger

TowneBank has completed its $203 million merger with Old Point National Bank, with Old Point Financial Corp. becoming part of TowneBank. Old Point National Bank will operate as a division of Towne until February, when all systems and operations will be converted. Robert F. Shuford Jr., former chairman, president, and CEO of Old Point, will become senior executive vice president and chairman of the TowneBank Peninsula board on January 1. The merger marks the start of a new chapter for the two banks, committed to serving their communities, employees, and shareholders.

TowneBank (Nasdaq: TOWN) has successfully completed its merger with Old Point National Bank, with the acquisition of Old Point Financial Corporation (Old Point) becoming effective as of September 1, 2025. The strategic merger, valued at $203 million, aims to strengthen TowneBank's presence in the Hampton Roads Metropolitan Statistical Area (MSA).

The merger will see Old Point National Bank locations temporarily operating as "Old Point National Bank, a Division of TowneBank" until February 2026, when full systems integration is scheduled. This phased approach is designed to minimize customer disruption while aligning technical systems. Old Point Wealth Management will continue to offer its products and services as part of the TowneBank family.

Robert F. Shuford Jr., the former chairman, president, and CEO of Old Point, will join TowneBank as a senior executive vice president and will serve as chairman of the TowneBank Peninsula board starting January 1, 2026. This move underscores TowneBank's commitment to preserving key relationships and institutional knowledge from the acquired organization.

The merger brings three strategic advantages to TowneBank: an expanded geographic footprint in the Hampton Roads region, additional core deposits that represent stable, lower-cost funding, and complementary wealth management capabilities through Old Point Wealth Management.

TowneBank's executive chairman, G. Robert Aston Jr., stated, "We are honored to welcome Old Point to the Towne family and look forward to upholding the banking legacy of the Shuford family in Hampton and beyond." Shuford added, "The legal close of our merger marks the beginning of an exciting new chapter for Old Point and TowneBank. This partnership brings together two institutions deeply committed to serving our communities, employees, and shareholders. We look forward to building a stronger future together."

TowneBank, founded in 1999, is a company built on relationships, offering a full range of banking and financial services. With total assets of $18.26 billion as of June 30, 2025, TowneBank is one of the largest banks headquartered in Virginia.

References:
[1] https://www.stocktitan.net/news/TOWN/towne-bank-announces-completion-of-old-point-financial-corporation-zqy9ch4pa1o7.html