TowneBank Merges with Old Point Financial Corporation
TowneBank Celebrates Successful Merger with Old Point Financial
TowneBank has announced the successful completion of its merger with Old Point Financial Corporation. This significant development marks a pivotal moment for the bank as it expands its footprint and strengthens its operations in the Hampton Roads region.
Enhancing Banking Operations
The consolidation includes the integration of Old Point National Bank's resources into TowneBank's established structure. This transition aims to fortify TowneBank's position in the market by incorporating a robust core deposit franchise that has been known for delivering outstanding service in the Hampton Roads area.
Transition Period
Post-merger, Old Point National Bank will retain its identity as "Old Point National Bank, a Division of TowneBank" until early 2026. This period will allow for a smooth transition as the banking systems of both institutions are unified into one streamlined operation. Until then, Old Point Wealth Management will continue providing its extensive range of financial services under the TowneBank brand.
A Vision for the Future
TowneBank's executive chairman, G. Robert Aston, Jr., expressed enthusiasm about the merger, stating, "We are honored to welcome Old Point to the Towne family and look forward to upholding the banking legacy of the Shuford family in Hampton and beyond." This sentiment emphasizes the bank's commitment to community preservation and growth.
Leadership Changes
Following the merger, Robert F. Shuford, Jr., the former chairman and CEO of Old Point, will take on a new role as senior executive vice president at TowneBank. He is set to lead the TowneBank Peninsula board of directors starting in early 2026. Shuford welcomed the new alliance, stating, "This partnership brings together two institutions deeply committed to serving our communities, employees, and shareholders."
The Strength of TowneBank
Founded in 1999, TowneBank has built strong relationships within the community and provides a full array of banking and financial services. The company's core mission centers on enriching lives and cultivating a culture that appreciates diversity among its employees and clients.
Expansive Reach and Services
Currently, TowneBank operates over 50 banking offices equipped to serve clients across Hampton Roads, Central Virginia, and parts of North Carolina. The bank focuses on fostering social, cultural, and economic growth within these communities, illustrating its role as a local leader.
TowneBank offers a diverse range of business and personal banking solutions, accompanied by the utmost ethical standards. Local bankers, with their expertise and focus on personal service, play a crucial role in the bank's overall strategy.
Building on Growth
With total assets amounting to $18.26 billion as of mid-2025, TowneBank stands as one of the largest banks based in Virginia. Beyond traditional banking, the institution extends its services through various affiliated companies, reflecting its commitment to comprehensive financial care.
Contact Information
For further inquiries regarding the merger or other services, you can reach out to:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
William I. Foster III, Chief Executive Officer, 757-417-6482
For investor-related questions, contact:
William B. Littreal, Chief Financial Officer, 757-638-6813
Frequently Asked Questions
What does the merger between TowneBank and Old Point entail?
The merger integrates Old Point National Bank into TowneBank, enhancing its operations and expanding its market presence.
When will Old Point National Bank be fully integrated?
The complete integration of banking systems is expected by early 2026.
Who will lead the new TowneBank Peninsula board?
Robert F. Shuford, Jr., former CEO of Old Point, will become the chairman of the TowneBank Peninsula board starting in January 2026.
What services will Old Point Wealth Management provide post-merger?
Old Point Wealth Management will continue offering its services as part of the TowneBank family of companies.
What is TowneBank's mission?
TowneBank aims to enrich lives by providing exceptional banking services while fostering a culture of caring and respect for diversity.
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