TowneBank Completes $203 Million Merger with Old Point National Bank

The merger between TowneBank and Old Point National Bank has officially concluded, marking a significant consolidation in the Hampton Roads banking sector. The $203 million deal, finalized on September 1, 2023, brings together two prominent community banks, aiming to enhance their service offerings and strengthen their market position.

With this merger, Old Point Financial Corp., the parent company of Old Point National Bank of Phoebus and Old Point Trust & Financial Services, becomes a division of TowneBank. The operational transition is set to occur by February 2024, when all systems and processes will be fully integrated. Until then, Old Point National Bank will continue to function under its existing brand.

In a leadership shift, Robert F. Shuford Jr., the former chairman, president, and CEO of Old Point, is set to take on a new role as senior executive vice president and chairman of the TowneBank Peninsula board starting on January 1, 2024. This change indicates TowneBank’s commitment to maintaining continuity while merging the two institutions.

G. Robert Aston Jr., the executive chair of TowneBank, expressed enthusiasm about the merger, stating, “We look forward to upholding the banking legacy of the Shuford family in Hampton and beyond.” This sentiment reflects a dedication to preserving the community-focused values that both banks share.

Shuford also commented on the merger, describing it as an opportunity to unite two institutions that are deeply dedicated to their communities, employees, and shareholders. “This partnership brings together two institutions deeply committed to serving our communities, employees, and shareholders,” he noted. “We look forward to building a stronger future together.”

The merger represents a strategic move in a competitive market, positioning TowneBank to leverage Old Point’s existing client base and community ties. As the integration progresses, stakeholders will be watching closely to see how the combined resources will enhance customer service and expand offerings in the region.

Overall, this merger is anticipated to create a more robust banking network in Hampton Roads, benefiting both customers and shareholders alike.