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TowneBank and Old Point merge, creating $19.5 billion asset group

Summary by 13 News Now

TowneBank acquires Old Point, boosting assets to $19.5B. Shareholders can opt for cash or stock in the merger approved by both banks' boards.

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Bluefield Daily Telegraph

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TowneBank and Old Point Financial Corporation Announce Agreement to Merge

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

1 day ago

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TowneBank to acquire, merge with Old Point Financial Corp.

PORTSMOUTH, Va. (WAVY) -- Suffolk-based TowneBank and Hampton-based Old Point Financial Corporation recently announced their decision to merge. As part of the merger agreement, TowneBank will acquire both Old Point and its subsidiary Old Point National Bank of Phoebus (OPNB) in the hopes of enhancing TowneBank's position within Hampton Roads. After TowneBank's recent acquisition of Village Bank and Trust Financial Corportation, the now combined …

1 day ago

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Daily Press

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TowneBank plans to acquire, merge with Old Point in $203 million deal

Hampton Roads’ two major community banks announced on Thursday they’ve reached an agreement to merge in a deal valued at $203 million. 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 hal…

1 day ago

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13 News Now

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TowneBank and Old Point merge, creating $19.5 billion asset group

TowneBank acquires Old Point, boosting assets to $19.5B. Shareholders can opt for cash or stock in the merger approved by both banks' boards.

1 day ago·Norfolk, United States

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Retail Banker International

TowneBank seals deal to acquire Virginia’s Old Point for $203m

Virginia’s TowneBank has agreed to acquire regional peer Old Point Financial, the parent of The Old Point National Bank of Phoebus (OPNB), in a cash-stock deal valued at nearly $203m. Under the agreement, Old Point shareholders can opt for either $41.00 in cash or 1.1400 shares of TowneBank common stock for each share held. TowneBank anticipates the acquisition and subsequent merger with Virginia-based Old Point to be approximately 10% accretive…

2 hours ago

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American Banker

Virginia's TowneBank strikes deal for a local rival

TowneBank has agreed to pay more than $200 million for Old Point Financial in Hampton. The Suffolk, Virginia-based bank announced the deal just two days after its last acquisition closed.

15 hours ago

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