TowneBank completes merger with Old Point Financial Corporation

SUFFOLK, Va. - TowneBank (NASDAQ:TOWN) announced Tuesday the completion of its merger with Old Point Financial Corporation, enhancing its market position in the Hampton Roads metropolitan area. The transaction, which became effective September 1, includes the merger of Old Point National Bank into TowneBank. According to InvestingPro data, TowneBank has demonstrated strong dividend reliability, maintaining payments for 23 consecutive years with an attractive current yield of 2.94%.

Old Point National Bank locations will operate under their current name as a division of TowneBank until February 2026, when core systems and operations are scheduled to be fully integrated. Old Point Wealth Management will continue offering its services as part of the TowneBank family of companies.

In connection with the merger, Robert F. Shuford, Jr., former chairman, president and chief executive officer of Old Point, has been appointed as a senior executive vice president at TowneBank. He will serve as chairman of the TowneBank Peninsula board of directors beginning January 1, 2026.

"We are honored to welcome Old Point to the Towne family," said TowneBank Executive Chairman G. Robert Aston, Jr., according to the company’s press release.

The merger adds Old Point’s deposit franchise to TowneBank’s operations, which currently includes over 50 banking offices throughout Hampton Roads, Central Virginia, and parts of North Carolina.

TowneBank reported total assets of $18.26 billion as of June 30, 2025, positioning it as one of the largest banks headquartered in Virginia.

Founded in 1999, TowneBank offers banking and financial services through its network of offices and affiliated companies, which include Towne Wealth Management, Towne Insurance Agency, and TowneBank Mortgage, among others.

In other recent news, TowneBank has announced the acquisition of Dogwood State Bank in an all-stock transaction valued at $476.2 million. This move is part of TowneBank’s strategy to expand its presence in the Carolinas and Tennessee. Following the announcement, the financial services firm Keefe, Bruyette & Woods reiterated an Outperform rating on TowneBank, maintaining a price target of $42.00. These developments indicate continued confidence in TowneBank’s growth strategy and market expansion. The acquisition is expected to enhance TowneBank’s regional footprint, providing further opportunities for growth and service expansion. This transaction marks a significant step in TowneBank’s ongoing efforts to strengthen its market position. Investors may find these recent developments noteworthy as the company continues to pursue strategic acquisitions.

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