Old Point Financial Corp and TowneBank Merger Completed

In a significant development in the financial sector, TowneBank has successfully completed its merger with Old Point Financial Corporation. This merger marks a pivotal moment for both institutions, with implications for the banking landscape in the Hampton Roads area of Virginia.

Old Point Financial Corporation, a holding company based in Hampton, Virginia, operates The Old Point National Bank of Phoebus and The Old Point Trust and Financial Services, N.A. These entities provide a comprehensive suite of banking and financial services, including checking, savings, certificates of deposit, and loan services. The company is listed on the Nasdaq stock exchange and has a market capitalization of $213,480,000 USD as of August 28, 2025. The close price of its stock on that date was $42.43, with a 52-week high of $42.10 and a low of $17.02 recorded on September 17, 2024. The price-to-earnings ratio stands at 24.55.

The merger with TowneBank, a prominent regional bank, is expected to enhance the service offerings and expand the customer base for the combined entity. This strategic move is anticipated to strengthen the financial position and competitive edge of the newly formed organization in the regional banking market.

The completion of the merger was announced on September 2, 2025, with multiple sources confirming the development. News outlets such as Investing.com and Globenewswire reported on the merger, highlighting its significance in the financial industry.

As the merger progresses, stakeholders and customers of both Old Point Financial Corporation and TowneBank are expected to experience the benefits of a more robust and diversified banking institution. Further details on the integration process and future plans for the combined entity are likely to be disclosed in upcoming communications from the companies involved.