In a high-stakes move set to reshape the banking landscape of Hampton Roads, TowneBank, guided by legal powerhouse Wachtell Lipton Rosen & Katz, has announced a definitive agreement to acquire Old Point Financial Corp., advised by Troutman Pepper Locke LLP. The transaction, valued at a striking $203 million, aims to forge a financial juggernaut in the region.
Shareholders Get a Golden Ticket
Under the terms of the agreement, Old Point shareholders face a lucrative choice: cash out at $41 per share or trade each share for 1.14 shares of TowneBank common stock. This decision offers investors a tantalizing mix of immediate financial gain or a stake in the enlarged entity’s promising future.
A Banking Titan Expands Its Reach
TowneBank, a formidable presence in Virginia and North Carolina’s financial sector since its founding in 1999, operates more than 50 offices. With this acquisition, its footprint in the Hampton Roads area will grow even stronger, amplifying its financial clout and community impact.
