TowneBank Agrees To Acquire Old Point Financial And Old Point National Bank Of Phoebus For Aggregate Transaction Value Of $203M

The proposed transaction will enhance TowneBank's position in the Hampton Roads MSA with the addition of a high-quality core deposit franchise.

TowneBank expects the acquisition to be approximately 10% accretive to earnings per share with fully phased-in cost savings on a GAAP basis.

Under the terms of the agreement, shareholders of Old Point will elect to receive either $41.00 in cash or 1.1400 shares of TowneBank common stock for each share of Old Point outstanding common stock.