TowneBank and Old Point Financial Corporation Announce Merger Closing Date and Election Deadline

TowneBank and Old Point Financial Corporation have set the merger closing date for September 1, 2025, after securing all necessary regulatory approvals. Old Point shareholders must elect their compensation type by August 26, 2025, with options including $41.00 in cash or 1.14 TowneBank shares, subject to allocation. The merger is expected to yield significant synergies and strengthen TowneBank's presence in the Hampton Roads area.

TowneBank (NASDAQ: TOWN) and Old Point Financial Corporation (NASDAQCM: OPOF) have secured all necessary regulatory approvals and set a closing date for their merger on September 1, 2025. The merger, which includes Old Point National Bank of Phoebus, is expected to yield significant synergies and strengthen TowneBank's presence in the Hampton Roads area [1].

Old Point shareholders have until August 26, 2025, to elect their preferred form of compensation. They can choose to receive $41.00 in cash or 1.14 shares of TowneBank common stock, plus cash in lieu of fractional shares, or a combination of both. The allocation and proration procedures are designed to ensure that the total number of shares of Old Point common stock entitled to receive stock consideration will be between 50% and 60% of the aggregate number of shares of Old Point common stock issued and outstanding immediately prior to the effective time of the merger [1].

The merger agreement and the definitive proxy statement/offering circular, along with other relevant documents, are available on the FDIC’s, SEC’s, TowneBank’s, and Old Point’s websites. Shareholders who hold their shares through a broker, bank, trustee, or other nominee should follow the instructions provided by their nominee for making elections and exchanging shares. Any security holders who do not make a proper election by the election deadline will have no control over the type of consideration they receive [1].

TowneBank, founded in 1999, is a full-service bank with over 55 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina. It offers a wide range of business and personal banking solutions, delivered with high ethical standards. Old Point Financial Corporation, headquartered in Hampton, Virginia, is the holding company of The Old Point National Bank of Phoebus and Old Point Trust & Financial Services, N.A. [1].

The merger is expected to create significant benefits, including cost savings and revenue enhancement, although actual results may differ due to various risks and uncertainties [1].

References:
[1] https://finance.yahoo.com/news/townebank-old-point-financial-corporation-230000717.html