Bank / Credit Union

TowneBank gains approval to merge with Old Point

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August 19, 2025

TowneBank, based in Hampton, Virginia, has gained regulatory approval from the Federal Deposit Insurance Corp. and the Bureau of Financial Institutions from Virginia State Corp. Commission to acquire Old Point and Old Point National Bank. This merger is expected to close on Sept. 1, according to a press release.

Holders of Old Point common stock or restricted stock can choose to receive $41 per share, 1.14 shares of TowneBank common stock or a combination of cash and common stock. The deadline to make this selection is Aug. 26.

If holders of Old Point stock do not make an election by the deadline, they will not be able to select what they receive.

TowneBank currently has more than 55 branches in Virginia and North Carolina.