TowneBank to Acquire Old Point Financial in $203 Million Deal

Deal News | Apr 03, 2025 | Wachtell, Lipton, Rosen & Katz

TowneBank to Acquire Old Point Financial in $203 Million Deal

In a significant move within the banking sector, TowneBank (NASDAQ: TOWN) announced its definitive agreement to acquire Old Point Financial Corporation (NASDAQ: OPOF), the parent company of The Old Point National Bank of Phoebus. This acquisition is valued at approximately $203 million. Under the terms of the agreement dated April 3, 2025, Old Point's shareholders have the option to either receive a fixed amount of cash or a fixed number of TowneBank shares, subject to a proration mechanism. The transaction represents a strategic acquisition for TowneBank, advised by the law firm Wachtell, Lipton, Rosen & Katz, which aims to expand its footprint in the regional banking market.

Sectors

  • Banking
  • Mergers & Acquisitions

Geography

  • United States – Both TowneBank and Old Point Financial Corporation are based in the United States, where the merger will have significant operational impacts.

Industry

  • Banking – This sector is relevant to the article as both TowneBank and Old Point Financial Corporation operate in the banking industry.
  • Mergers & Acquisitions – The article discusses a merger and acquisition deal between TowneBank and Old Point Financial.

Financials

  • $203 million – The total value of TowneBank's acquisition of Old Point Financial Corporation.

Participants

NameRoleTypeDescription
TowneBankAcquirerCompanyA community bank headquartered in the United States, engaging in a merger to expand its operations.
Old Point Financial CorporationTargetCompanyThe parent company of The Old Point National Bank of Phoebus, being acquired by TowneBank.
Wachtell, Lipton, Rosen & KatzLegal AdvisorCompanyA law firm advising TowneBank on its acquisition of Old Point Financial Corporation.