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 enhan cing TowneBank's position within Hampton Roads. After TowneBank's recent acquisition of Village Bank and Trust Financial Corportation, the now combined companies will have total assets of $19.5 billion, loans of $13.1 billion and deposits of $16.3 billion. "We are excited to partner with Old Point and welcome its talented team into our TowneBank family," G. Robert Aston, Jr., Executive Chairman of TowneBank said. "Old Point has legendary status here in our community and most especially, in Hampton, Virginia, where it was founded over 100 years ago. I have the deepest respect for the Shuford family that has guided Old Point throughout the years with the highest of character and unwavering integrity. Joining our two banking families together will create a combined franchise with a strong core deposit base, outstanding credit quality, and substantial synergies that will generate top tier financial performance for our shareholders while helping our communities grow and prosper." Those who are current shareholders of Old Point will now have the option to either receive $41 or 1.1400 shares of TowneBank common stock for each share of Old Point common stock. Based on the current amount of Old Point common stock, the estimated transaction value totals approximately $203 million. "Great competition builds better companies and TowneBank has raised the bar high – to the benefit of Old Point," Robert F. Shuford, Jr., Chairman, President and Chief Executive Officer of Old Point Financial Corporation. "Under Bob Aston’s leadership, they have built an incredible franchise. Together, we will bring expanded relationships and services to our communities, enhanced opportunities for our employees, and significant value for our shareholders. We are excited about this partnership and the opportunity to bring together the Old Point and TowneBank families.” The acquisition is expected to take place in the second half of 2025 following regulatory approval and the approval of Old Point's shareholders. For more information on the merger, click here. Continue to check WAVY.com for updates. ...read more read less