TowneBank Announces Completion of Old Point Financial Corporation Merger
TowneBank (Nasdaq: TOWN) has completed its merger with Old Point Financial Corporation, including its subsidiaries Old Point National Bank and Old Point Wealth Management. The strategic merger, effective September 1, 2025, strengthens TowneBank's presence in the Hampton Roads MSA market.
Old Point National Bank locations will temporarily operate as "Old Point National Bank, a Division of TowneBank" until February 2026, when core systems integration is scheduled. Former Old Point CEO Robert F. Shuford, Jr. will join as senior executive vice president and serve as chairman of the TowneBank Peninsula board starting January 2026.
TowneBank (Nasdaq: TOWN) ha finalizzato la fusione con Old Point Financial Corporation, comprensiva delle controllate Old Point National Bank e Old Point Wealth Management. La fusione strategica, operativa dal 1掳 settembre 2025, rafforza la presenza di TowneBank nel mercato della MSA di Hampton Roads.
Le filiali di Old Point National Bank opereranno temporaneamente come "Old Point National Bank, a Division of TowneBank" fino a febbraio 2026, data prevista per l'integrazione dei sistemi core. L'ex CEO di Old Point, Robert F. Shuford, Jr., entrer脿 a far parte di TowneBank come senior executive vice president e assumer脿 la carica di presidente del consiglio di TowneBank Peninsula a partire da gennaio 2026.
TowneBank (Nasdaq: TOWN) ha completado su fusi贸n con Old Point Financial Corporation, incluyendo sus filiales Old Point National Bank y Old Point Wealth Management. La fusi贸n estrat茅gica, efectiva desde el 1 de septiembre de 2025, refuerza la presencia de TowneBank en el mercado MSA de Hampton Roads.
Las sucursales de Old Point National Bank operar谩n temporalmente como "Old Point National Bank, a Division of TowneBank" hasta febrero de 2026, cuando est谩 prevista la integraci贸n de los sistemas centrales. El ex CEO de Old Point, Robert F. Shuford, Jr., se incorporar谩 como senior executive vice president y ser谩 presidente de la junta de TowneBank Peninsula a partir de enero de 2026.
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TowneBank (Nasdaq: TOWN) a finalis茅 sa fusion avec Old Point Financial Corporation, incluant ses filiales Old Point National Bank et Old Point Wealth Management. La fusion strat茅gique, effective au 1er septembre 2025, renforce la pr茅sence de TowneBank sur le march茅 MSA de Hampton Roads.
Les agences d'Old Point National Bank op茅reront temporairement sous l'appellation "Old Point National Bank, a Division of TowneBank" jusqu'en f茅vrier 2026, date pr茅vue pour l'int茅gration des syst猫mes centraux. L'ancien PDG d'Old Point, Robert F. Shuford, Jr., rejoindra TowneBank en tant que senior executive vice president et assumera la pr茅sidence du conseil d'administration de TowneBank Peninsula 脿 partir de janvier 2026.
TowneBank (Nasdaq: TOWN) hat die Fusion mit der Old Point Financial Corporation abgeschlossen, einschlie脽lich der Tochtergesellschaften Old Point National Bank und Old Point Wealth Management. Die strategische Fusion, wirksam ab dem 1. September 2025, st盲rkt TowneBanks Pr盲senz im Hampton Roads MSA-Markt.
Die Standorte der Old Point National Bank werden vor眉bergehend unter dem Namen "Old Point National Bank, a Division of TowneBank" betrieben, bis im Februar 2026 die Integration der Kernsysteme vorgesehen ist. Der ehemalige Old Point-CEO Robert F. Shuford, Jr. wird als Senior Executive Vice President zu TowneBank sto脽en und ab Januar 2026 den Vorsitz des Vorstands von TowneBank Peninsula 眉bernehmen.
- Strategic expansion in Hampton Roads MSA market
- Acquisition of high-quality core deposit franchise
- Retention of key leadership with Robert F. Shuford Jr. joining TowneBank's executive team
- Addition of wealth management services through Old Point Wealth Management
- Potential integration risks during systems conversion planned for February 2026
- Temporary operational complexity with dual branding until full integration
Insights
TowneBank strengthens Hampton Roads market position through Old Point acquisition, gaining deposits and wealth management capabilities.
TowneBank has successfully completed its strategic merger with Old Point Financial Corporation, bringing Old Point National Bank and Old Point Wealth Management under the TowneBank umbrella. This transaction significantly strengthens TowneBank's presence in the Hampton Roads Metropolitan Statistical Area by acquiring what they describe as a "high-quality core deposit franchise."
The integration plan reveals a thoughtful approach to customer retention and operational efficiency. Old Point National Bank locations will temporarily operate under the "Old Point National Bank, a Division of TowneBank" branding until February 2026, when full systems integration is scheduled. This phased approach likely aims to minimize customer disruption while allowing for technical alignment.
The acquisition provides TowneBank with three strategic advantages: expanded geographic footprint in the Hampton Roads region, additional core deposits that typically represent stable, lower-cost funding, and complementary wealth management capabilities through Old Point Wealth Management.
Leadership continuity appears to be a priority, with Old Point's former chairman, president and CEO Robert F. Shuford, Jr. joining TowneBank as senior executive vice president and future chairman of the TowneBank Peninsula board. This suggests TowneBank is working to preserve key relationships and institutional knowledge from the acquired organization.
While financial terms weren't disclosed in this announcement, this transaction represents a significant strategic move for TowneBank to consolidate its regional banking position through inorganic growth.
SUFFOLK, Va., Sept. 02, 2025 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) announced today the completion of its merger with Old Point Financial Corporation (鈥淥ld Point鈥�), the parent company of The Old Point National Bank of Phoebus (鈥淥ld Point National Bank鈥�) and Old Point Trust & Financial Services, N.A. (鈥淥ld Point Wealth Management鈥�). The merger, which included Old Point National Bank鈥檚 merger into TowneBank, enhances TowneBank鈥檚 position in the Hampton Roads MSA with the addition of a high-quality core deposit franchise.
Following the merger, which was effective on September 1, 2025, Old Point National Bank locations will operate as 鈥淥ld Point National Bank, a Division of TowneBank鈥� until February 2026, when the core systems and operations of Old Point National Bank are scheduled to be converted into those of TowneBank. Old Point Wealth Management will continue to offer its products and services as an addition to the TowneBank family of companies.
鈥淲e are honored to welcome Old Point to the Towne family,鈥� said TowneBank executive chairman G. Robert Aston, Jr., 鈥渁nd look forward to upholding the banking legacy of the Shuford family in Hampton and beyond.鈥�
In connection with the merger, former Old Point chairman, president and chief executive officer Robert F. Shuford, Jr., was appointed as a senior executive vice president and will serve as chairman of the TowneBank Peninsula board of directors beginning January 1, 2026. Shuford added, 鈥淭he legal close of our merger marks the beginning of an exciting new chapter for Old Point and TowneBank. This partnership brings together two institutions deeply committed to serving our communities, employees, and shareholders. We look forward to building a stronger future together.鈥�
About TowneBank:
Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, TowneBank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina 鈥� serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne AG真人官方ty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of
For more information, contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
William I. Foster III, Chief Executive Officer, 757-417-6482
Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813
FAQ
When did TowneBank complete its merger with Old Point Financial Corporation?
What will happen to Old Point National Bank branches after the TowneBank merger?
Who will lead the merged TowneBank-Old Point operations in the Peninsula region?
What strategic benefits does the Old Point merger bring to TowneBank (TOWN)?
When will the full integration of Old Point into TowneBank (TOWN) be completed?
