TowneBank and Old Point Financial Announce Expected Closing Date and Election Deadline for Merger.

TowneBank and Old Point Financial Corporation have announced the expected closing date and election deadline for their merger. The Federal Deposit Insurance Corporation and the Bureau of Financial Institutions of the Virginia State Corporation Commission have granted regulatory approval. The merger is expected to close on or about September 1, 2025, subject to satisfaction of certain conditions.

HAMPTON, Va., July 2, 2025 — TowneBank (NASDAQ: TOWN) and Old Point Financial Corporation (NASDAQCM: OPOF) have announced that they have received regulatory approval from the Federal Deposit Insurance Corporation (FDIC) and the Bureau of Financial Institutions of the Virginia State Corporation Commission to complete their proposed merger. The merger is expected to close on or about September 1, 2025, subject to the satisfaction of customary closing conditions [1].

The merger, which includes Old Point National Bank of Phoebus, is expected to create a stronger financial entity by combining the strengths of both institutions. TowneBank, founded in 1999, operates over 55 banking offices in Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina. Old Point Financial Corporation, headquartered in Hampton, Virginia, serves individual and commercial customers through its 13 branch offices in the Hampton Roads region [1].

Holders of Old Point common stock and Old Point restricted stock awards have until 5:00 p.m. Eastern Time on August 26, 2025, to elect their preferred form of consideration. The election can be made in cash, shares of TowneBank common stock, or a combination of both, subject to applicable withholding taxes and without interest [1].

The merger agreement and definitive proxy statement/offering circular are available on the FDIC's website (fdic.gov), the U.S. Securities and Exchange Commission's website (sec.gov), TowneBank's website (townebank.com), and Old Point's website (oldpoint.com). Security holders who have questions about the election process or need copies of the election materials can contact Georgeson Inc. at (877) 354-1902 [1].

References:

[1] https://finance.yahoo.com/news/townebank-old-point-financial-corporation-214500179.html