TowneBank in its $203 million acquisition of Old Point Financial Corporation

On April 3, 2025, TowneBank (NASDAQ: TOWN) and Old Point Financial Corporation (NASDAQ: OPOF), the parent company of The Old Point National Bank of Phoebus, announced that they have entered into a definitive merger agreement pursuant to which TowneBank will acquire Old Point for approximately $203 million.  Old Point shareholders will have the right to elect to receive consideration as either a fixed amount of cash or a fixed number of shares of TowneBank common stock, subject to a proration mechanism.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to TowneBank.