TowneBank plans to acquire, merge with Old Point in $203 million deal [Yahoo! Finance]
Towne Bank (TOWN)
Last towne bank earnings: 4/27 08:30 am
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Source: Yahoo! Finance
Suffolk-based TowneBank plans to acquire Hampton-based Old Point Financial Corp., the parent company of Old Point National Bank. The combined company would have assets of $19.5 billion, loans of $13.1 billion and deposits at $16.3 billion, based on December numbers. The deal is expected to close in the second half of this year. TowneBank Executive Chairman G. Robert Aston Jr. referred to Old Point — founded 102 years ago — as having legendary status in the community. “Joining our two banking families together will create a combined franchise with a strong core deposit base, outstanding credit quality, and substantial synergies that will generate top tier financial performance for our shareholders while helping our communities grow and prosper,” Aston said in a news release. Robert F. Shuford Jr., chairman, president and CEO of Old Point Financial, said in the announcement that competition builds better companies and TowneBank has raised the bar high. “Together, we will bring
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