TowneBank Completes Old Point Financial Corporation Merger, Enhancing Position in Hampton Roads MSA

TowneBank has completed its merger with Old Point Financial Corporation, enhancing its position in the Hampton Roads MSA with the addition of a high-quality core deposit franchise. The merger includes the merger of Old Point National Bank into TowneBank and Old Point Wealth Management will continue to operate as an addition to TowneBank. Former Old Point chairman Robert F. Shuford, Jr. was appointed as a senior executive vice president and will serve as chairman of the TowneBank Peninsula board of directors.

TowneBank (Nasdaq: TOWN) has successfully completed its merger with Old Point Financial Corporation (Old Point), marking a significant strategic move to strengthen its position in the Hampton Roads Metropolitan Statistical Area (MSA). The merger, effective September 1, 2025, includes the integration of Old Point National Bank and Old Point Wealth Management into TowneBank's operations.

The acquisition enhances TowneBank's presence in the Hampton Roads MSA by adding a high-quality core deposit franchise [1]. Old Point National Bank locations will temporarily operate under the brand "Old Point National Bank, a Division of TowneBank" until February 2026, when core systems and operations are scheduled to be fully integrated into TowneBank's systems. This phased approach aims to minimize customer disruption while facilitating technical alignment.

The merger brings three strategic advantages to TowneBank: expanded geographic footprint in the Hampton Roads region, additional core deposits, and complementary wealth management capabilities through Old Point Wealth Management. Former Old Point chairman, president, and CEO Robert F. Shuford, Jr., was appointed as a senior executive vice president and will serve as chairman of the TowneBank Peninsula board of directors beginning January 1, 2026. This appointment underscores TowneBank's commitment to preserving key relationships and institutional knowledge from the acquired organization.

Financial terms of the merger were not disclosed in the announcement. However, the acquisition represents a significant strategic move for TowneBank to consolidate its regional banking position through inorganic growth. The merger is part of TowneBank's ongoing efforts to expand its capabilities and serve its communities more effectively.

For more information, contact:
- G. Robert Aston, Jr., Executive Chairman, 757-638-6780
- William I. Foster III, Chief Executive Officer, 757-417-6482
- William B. Littreal, Chief Financial Officer, 757-638-6813

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