FDIC Insurance
On September 1, 2025, Old Point became a Division of TowneBank, and the two banks became a single deposit institution under the FDIC. To provide a grace period for depositors, the FDIC permits separate insurance coverage for six months following mergers. After that time, deposits held under each trade name – Old Point and TowneBank – will NOT be separately insured but will be combined to determine whether a depositor has exceeded the $250,000 federal deposit insurance limit.
Special FDIC Rule for CDs
| If... | And... | Then... |
|---|---|---|
| Old Point CD matures within 6 months after September 1, 2025 | is renewed for the SAME amount and the same term... | CD remains separately insured until the first maturity date after the 6-month period. |
| Old Point CD matures within 6 months after September 1, 2025 | is renewed for a DIFFERENT amount or term... | Separate coverage is provided only for the six months following the merger date. |
| Old Point CD does not mature within 6 months after September 1, 2025 | The CD will be separately insured until its maturity date. | |
If you have deposit accounts at both Old Point and TowneBank that exceed the standard insurance amount of $250,000, please talk with your relationship banker or visit www.fdic.gov and select ‘Deposit Insurance.’ Accountholders should note that they may qualify for additional FDIC insurance coverage, well above the $250,000 standard if certain requirements are met.
IntraFi and the FDIC
The FDIC also provides for separate insurance coverage on IntraFi® Network Deposits for six months following a merger. After that time, deposits held under each trade name – Old Point and TowneBank – will not be separately insured, unless certain requirements are met. If you have IntraFi® Network Deposits at both Old Point and TowneBank, please talk with your relationship banker or visit www.fdic.gov.