HAMPTON, Va., July 2, 2025 -- Old Point Financial Corporation (the "Company" or "Old Point") (NASDAQ: OPOF), holding company of The Old Point National Bank of Phoebus ("Old Point National Bank"), announced today that its shareholders approved the merger of the Company and Old Point National Bank with and into TowneBank. Completion of the transaction remains subject to customary closing conditions, including the receipt of required regulatory approvals, and is expected to be completed in the second half of 2025.
Robert Shuford, Jr., President, Chief Executive Officer, and Chairman of Old Point added, "Shareholder approval marks an important milestone in moving towards joining the Old Point and TowneBank families. As demonstrated by the number of shares voted in favor of the merger-related proposals, our shareholders clearly recognize the compelling value of this strategic partnership. This is the right opportunity for Old Point and together we will continue to help our communities grow and thrive."
About Old Point Financial Corporation
Old Point Financial Corporation (Nasdaq: OPOF) is the parent company of Old Point National Bank and Old Point Wealth Management, which serve the Hampton Roads and Richmond regions of Virginia. Old Point National Bank is a locally owned and managed community bank which offers a wide range of financial services from checking, insurance, and mortgage products to comprehensive commercial lending and banking products and services. Old Point Wealth Management is the largest wealth management services provider headquartered in Hampton Roads, Virginia, offering local asset management by experienced professionals. Additional information about the company is available at oldpoint.com.
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