Welcome Old Point to the TowneBank Family!
In April, TowneBank and Old Point Financial Corporation, the parent company of Old Point National Bank, announced plans for Old Point to merge into TowneBank. The proposed transaction will further bolster TowneBank’s presence in Hampton Roads, particularly on the Virginia Peninsula, and expand the Towne family of companies to add trust company services, a hallmark of Old Point since the early days of its more than 100-year history.
“We are excited to partner with Old Point and welcome its talented team into our TowneBank family,” said Bob Aston, TowneBank executive chairman “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.”
Old Point has 13 locations across Hampton Roads providing commercial and consumer banking services. It also offers mortgage, insurance, wealth management, and trust company services that include estate planning, financial planning, estate and trust administration, and tax services. Based on financials reported as of December 31, 2024, the combined companies would have total assets of $19.5 billion, loans of $13.1 billion, and deposits of $16.3 billion.
“Great competition builds better companies,” said Rob Shuford, chairman, president, and chief executive officer of Old Point Financial Corporation. “TowneBank has raised the bar high – to the benefit of Old Point. 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.”
We look forward to welcoming Old Point to TowneBank in 2025.
Insights & Perspectives
Old Point National Bank is a division of TowneBank, which is headquartered in Portsmouth, Virginia. TowneBank's primary regulators are the Federal Deposit Insurance Corporation and the Virginia Bureau of Financial Institutions. TowneBank is not a national bank regulated by the Office of the Comptroller of the Currency.
Insurance and Investment products offered are Not bank deposits or obligations, Not FDIC-insured, Not insured by any government agency, Not guaranteed by TowneBank, and may go down in value.