TowneBank and Old Point Financial Corporation announced the expected closing date and election deadline for their merger.
The merger is set to close on or about September 1, 2025, pending customary closing conditions.
Holders of Old Point common stock and restricted stock awards have options to elect their preferred form of consideration.
Merger Closing Date
Expected to be on or about September 1, 2025, following regulatory approvals.
Election Deadline
Holders have until 5:00 p.m. ET on August 26, 2025, to elect their preferred consideration.
Consideration Options
Choose between receiving $41.00 in cash, TowneBank stock, or a combination of cash and stock per Old Point common share.
- The merger brings together two financial institutions in Hampton Roads.
- Security holders must carefully review the election materials to make informed decisions on their preferred consideration.
- Failure to make a proper election by the deadline may result in receiving consideration based on other security holders' choices.
The merger between TowneBank and Old Point marks a significant step in consolidation within the financial industry, offering security holders choices for consideration.