TowneBank Completes Merger with Old Point Financial Corporation
In a significant move for the financial landscape, TowneBank has finished its merger with Old Point Financial Corporation. This important merger involves Old Point, known for its reputable banking services, now becoming a vital part of TowneBank's operations. By integrating Old Point National Bank into its structure, TowneBank not only strengthens its market position but enhances the quality of banking services provided in the region.
Enhancing Community Banking Presence
This merger marks a pivotal enhancement in TowneBank’s reach within the banking sector, particularly in the Hampton Roads area. With the closure of the merger effective September 1, 2025, Old Point National Bank, a cherished institution, will continue to operate under its familiar name but will be known as ‘Old Point National Bank, a Division of TowneBank’. This transition is planned to evolve within an established framework, ensuring continuity for its customers.
Transition Timeline
The merger is designed to be seamless, with full integration of Old Point's operational systems scheduled for completion by February 2026. During this period, customers can expect to receive the same high-quality service they have come to rely on. Old Point Wealth Management will not be affected and continues its dedicated service, adding value to TowneBank's extensive offerings.
Leadership and Vision
G. Robert Aston, Jr., executive chairman of TowneBank, expressed enthusiasm for this union. He remarked, “We are honored to welcome Old Point to the Towne family,” reflecting the company's commitment to maintaining the strong banking legacy established by the Shuford family. This strategic move aims not only to increase market share but to enhance the overall community service ethos.
Robert F. Shuford, Jr.'s New Role
With the merger, Robert F. Shuford, Jr., the former chairman and CEO of Old Point, steps into a critical role as senior executive vice president. He will also chair the TowneBank Peninsula board starting January 1, 2026. Shuford shared his insights on the merger, expressing excitement for the collaborative future ahead, highlighting a shared commitment to serving communities and stakeholders.
About TowneBank
Founded in 1999, TowneBank has grown to become a prominent banking institution dedicated to fostering relationships and delivering a wide array of financial services. The bank champions the creed of serving others, recognizing the significance of inclusivity and community engagement. With over 50 locations spanning Hampton Roads, Central Virginia, and parts of North Carolina, TowneBank stands as a local pillar of economic support and development.
Comprehensive Financial Solutions
TowneBank is not limited to standard banking features; it also offers diverse financial solutions through its affiliated companies. Services include wealth management, insurance, and mortgage solutions, ensuring that all customer needs are met with professionalism and care. With assets totaling $18.26 billion as of mid-2025, TowneBank remains one of Virginia's largest banks, ensuring robust support for its communities.
Contact Information
For further insights or inquiries related to the merger, the following contacts are available:
G. Robert Aston, Jr., Executive Chairman: 757-638-6780
William I. Foster III, Chief Executive Officer: 757-417-6482
Investor inquiries can be directed to:
William B. Littreal, Chief Financial Officer: 757-638-6813
Frequently Asked Questions
What was the significance of the TowneBank and Old Point Financial merger?
The merger enhances TowneBank's banking presence and service offerings in the Hampton Roads area, allowing for a stronger market position.
When did the merger take effect?
The merger officially took effect on September 1, 2025.
What will happen to Old Point’s branding post-merger?
Old Point National Bank will continue operating under its name as 'Old Point National Bank, a Division of TowneBank' until systems integration is completed in February 2026.
Who will lead the new division post-merger?
Robert F. Shuford, Jr. will be a senior executive vice president and chairman of the TowneBank Peninsula board.
What services will Old Point Wealth Management continue to offer?
Old Point Wealth Management will continue to provide its existing array of financial services as a part of TowneBank's offerings.
