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HAMPTON, Va. - Old Point Financial Corporation (NASDAQ:OPOF), a $204.76 million market cap financial institution whose stock has surged 180% over the past year, announced Wednesday that its shareholders have approved the merger of the company and its subsidiary, Old Point National Bank of Phoebus, with TowneBank. According to InvestingPro analysis, the company’s shares are currently trading near their 52-week high of $40.95.
The transaction, which still requires regulatory approvals and other customary closing conditions, is expected to be completed in the second half of 2025. The merger comes as Old Point demonstrates solid financial performance, with annual revenues of $61.37 million and a 28-year track record of consistent dividend payments, as highlighted by InvestingPro data (subscribers can access 8 additional key insights about the company’s performance).
Robert Shuford, Jr., President, Chief Executive Officer, and Chairman of Old Point, noted that the shareholder vote demonstrated strong support for the merger, with a significant number of shares cast in favor of the proposal.
"Shareholder approval marks an important milestone in moving towards joining the Old Point and TowneBank families," Shuford said in a press release statement.
Old Point Financial Corporation serves as the parent company of Old Point National Bank and Old Point Wealth Management, which operate in the Hampton Roads and Richmond regions of Virginia. The bank offers various financial services including checking, insurance, mortgage products, and commercial banking services, while its wealth management division provides asset management services.
The merger agreement between the two Virginia-based financial institutions was previously announced, though the press release did not specify the original announcement date or financial terms of the transaction.
The combined entity aims to continue serving communities in the Hampton Roads region, according to company statements, though specific details about post-merger operations were not provided.
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