TowneBank completed its merger with Old Point Financial Corporation, enhancing its presence in Hampton Roads with additional banking services.
Quiver AI Summary
TowneBank has successfully completed its merger with Old Point Financial Corporation, effective September 1, 2025. This merger includes the integration of Old Point National Bank into TowneBank, significantly strengthening TowneBank's market position in the Hampton Roads area by adding a quality core deposit base. Old Point National Bank locations will temporarily operate under its existing name until February 2026, when systems will fully merge. Old Point Wealth Management will also continue its offerings as part of TowneBank. TowneBank's executive chairman, G. Robert Aston, Jr., expressed enthusiasm for the merger, emphasizing a commitment to community service, while Robert F. Shuford, Jr., former CEO of Old Point, will join TowneBank as a senior executive vice president and chairman of the Peninsula board starting January 2026. TowneBank, with total assets of $18.26 billion, aims to enhance its service offerings and community engagement through this merger.
Potential Positives
- Completion of merger with Old Point Financial Corporation enhances TowneBank’s market presence in the Hampton Roads MSA with a high-quality core deposit franchise.
- Former Old Point CEO Robert F. Shuford, Jr. appointed as senior executive vice president and chairman of the TowneBank Peninsula board, indicating strong leadership continuity and commitment to community service.
- Expanding TowneBank's service offerings by integrating Old Point Wealth Management into its family of companies, providing a broader range of financial services to customers.
- With total assets of $18.26 billion, TowneBank solidifies its position as one of the largest banks headquartered in Virginia, enhancing its competitive edge in the region.
Potential Negatives
- The merger integration may face challenges, as evidenced by the planned transition period until February 2026 for the core systems and operations to be fully converted, potentially leading to service disruptions or customer dissatisfaction.
- The appointment of Robert F. Shuford, Jr. as a senior executive vice president could raise concerns about the influence of former Old Point leadership on TowneBank's decision-making and operational direction.
- There is a possibility of resistance from employees and customers who may feel loyalty to Old Point and resist the changes resulting from the merger, complicating the integration process.
FAQ
What is the date of TowneBank's merger with Old Point Financial Corporation?
The merger was completed on September 1, 2025.
How will Old Point National Bank locations be branded after the merger?
They will operate as “Old Point National Bank, a Division of TowneBank” until February 2026.
What role will Robert F. Shuford, Jr. play after the merger?
He will serve as senior executive vice president and chairman of the TowneBank Peninsula board of directors starting January 1, 2026.
What services will Old Point Wealth Management offer after the merger?
Old Point Wealth Management will continue to offer its existing products and services within TowneBank.
How many banking offices does TowneBank operate?
TowneBank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as parts of North Carolina.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$TOWN Hedge Fund Activity
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- RAYMOND JAMES FINANCIAL INC removed 122,207 shares (-31.6%) from their portfolio in Q2 2025, for an estimated $4,177,035
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Full Release
SUFFOLK, Va., Sept. 02, 2025 (GLOBE NEWSWIRE) -- TowneBank (Nasdaq: TOWN) announced today the completion of its merger with Old Point Financial Corporation (“Old Point”), the parent company of The Old Point National Bank of Phoebus (“Old Point National Bank”) and Old Point Trust & Financial Services, N.A. (“Old Point Wealth Management”). The merger, which included Old Point National Bank’s merger into TowneBank, enhances TowneBank’s position in the Hampton Roads MSA with the addition of a high-quality core deposit franchise.
Following the merger, which was effective on September 1, 2025, Old Point National Bank locations will operate as “Old Point National Bank, a Division of TowneBank” until February 2026, when the core systems and operations of Old Point National Bank are scheduled to be converted into those of TowneBank. Old Point Wealth Management will continue to offer its products and services as an addition to the TowneBank family of companies.
“We are honored to welcome Old Point to the Towne family,” said TowneBank executive chairman G. Robert Aston, Jr., “and look forward to upholding the banking legacy of the Shuford family in Hampton and beyond.”
In connection with the merger, former Old Point chairman, president and chief executive officer Robert F. Shuford, Jr., was appointed as a senior executive vice president and will serve as chairman of the TowneBank Peninsula board of directors beginning January 1, 2026. Shuford added, “The legal close of our merger marks the beginning of an exciting new chapter for Old Point and TowneBank. This partnership brings together two institutions deeply committed to serving our communities, employees, and shareholders. We look forward to building a stronger future together.”
About TowneBank :
Founded in 1999, TowneBank is a company built on relationships, offering a full range of banking and other financial services, with a focus of serving others and enriching lives. Dedicated to a culture of caring, Towne values all employees and members by embracing their diverse talents, perspectives, and experiences.
Today, TowneBank operates over 50 banking offices throughout Hampton Roads and Central Virginia, as well as Northeastern and Central North Carolina – serving as a local leader in promoting the social, cultural, and economic growth in each community. Towne offers a competitive array of business and personal banking solutions, delivered with only the highest ethical standards. Experienced local bankers providing a higher level of expertise and personal attention with local decision-making are key to the TowneBank strategy. TowneBank has grown its capabilities beyond banking to provide expertise through its affiliated companies that include Towne Wealth Management, Towne Insurance Agency, Towne Benefits, TowneBank Mortgage, TowneBank Commercial Mortgage, Berkshire Hathaway HomeServices RW Towne Realty, Towne 1031 Exchange, LLC, and Towne Vacations. With total assets of $18.26 billion as of June 30, 2025, TowneBank is one of the largest banks headquartered in Virginia.
For more information, contact:
G. Robert Aston, Jr., Executive Chairman, 757-638-6780
William I. Foster III, Chief Executive Officer, 757-417-6482
Investor contact:
William B. Littreal, Chief Financial Officer, 757-638-6813
