TowneBank and Old Point Financial Corporation Announce Agreement to Merge
Towne Bank (TOWN)
Last towne bank earnings: 4/27 08:30 am
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Source: GlobeNewswire
SUFFOLK, Va. and HAMPTON, Va., April 03, 2025 (GLOBE NEWSWIRE) -- Hampton Roads based TowneBank (NASDAQ: TOWN) and Old Point Financial Corporation (NASDAQCM: OPOF) (“Old Point”), the parent company of The Old Point National Bank of Phoebus (“OPNB”), today announced the signing of a definitive agreement and plan of merger pursuant to which TowneBank will acquire Old Point and OPNB. The proposed transaction will enhance TowneBank’s position in the Hampton Roads MSA with the addition of a high-quality core deposit franchise. Pro forma for TowneBank’s recently closed acquisition of Village Bank and Trust Financial Corp. and the proposed acquisition of Old Point, the combined company would have total assets of $19.5 billion, loans of $13.1 billion and deposits of $16.3 billion as of December 31, 2024. TowneBank expects the acquisition to be approximately 10% accretive to earnings per share with fully phased-in cost savings on a GAAP basis. “We are excited to partner with Old Po
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