Old Point Financial Corporation Merges with TowneBank

Deal News | Apr 03, 2025 | Troutman Pepper Locke, LLP

Old Point Financial Corporation, the parent company of The Old Point National Bank of Phoebus and Old Point Trust & Financial Services, has entered into a merger agreement with Hampton Roads-based TowneBank. Under this definitive agreement, TowneBank will acquire Old Point's companies. Following this, the combined entity will boast total assets of $19.5 billion, loans of $13.1 billion, and deposits of $16.3 billion. The legal counsel for Old Point was provided by Troutman Pepper Locke, with a team comprising corporate and specialized attorneys. This transaction is set to bolster TowneBank’s presence in the Hampton Roads market area.

Sectors

  • Financial Services
  • Legal Services

Geography

  • United States – The merger involves TowneBank and Old Point Financial, both U.S.-based companies located in Virginia.

Industry

  • Financial Services – The article involves banks, Old Point Financial Corporation, and TowneBank, focused on mergers, acquisitions, and deposit franchises.
  • Legal Services – Troutman Pepper Locke provided legal counsel for the merger, indicating the involvement of legal advisory and corporate governance services.

Financials

  • $19.5 billion – Total assets of the combined company as of December 31, 2024.
  • $13.1 billion – Total loans of the combined company as of December 31, 2024.
  • $16.3 billion – Total deposits of the combined company as of December 31, 2024.

Participants

NameRoleTypeDescription
Old Point Financial CorporationTarget CompanyCompanyThe parent company of The Old Point National Bank of Phoebus, being acquired by TowneBank.
TowneBankAcquirerCompanyA bank based in Hampton Roads, acquiring Old Point Financial.
Troutman Pepper LockeLegal AdvisorCompanyProvided legal counsel to Old Point Financial in the merger transaction.
Village Bank and Trust Financial Corp.Recently Acquired EntityCompanyRecently acquired by TowneBank, included in pro forma financials.