TowneBank completes $203M acquisition of Old Point

Suffolk-based TowneBank announced Tuesday that it has closed its $203 million acquisition of Hampton-based Old Point National Bank of Phoebus and its parent company, Old Point Financial.

The merger, which went into effect Monday, cements TowneBank’s position as the bank with the highest market share in Hampton Roads. The combined company now has total assets of $19.5 billion, loans of $13.1 billion and deposits of $16.3 billion based on financial information reported as of Dec. 31, 2024.

Old Point’s 13 bank branches will now 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, and look forward to upholding the banking legacy of the Shuford family in Hampton and beyond,” TowneBank Executive Chairman G. Robert Aston Jr. said in a statement.

Due to the merger, Old Point Chairman, President and CEO Robert F. Shuford Jr. was appointed as TowneBank’s senior executive vice president. He will now serve as chairman of the TowneBank Peninsula board of directors beginning Jan. 1, 2026.

“The legal close of our merger marks the beginning of an exciting new chapter for Old Point and TowneBank,” Shuford said in a statement. “This partnership brings together two institutions deeply committed to serving our communities, employees and shareholders. We look forward to building a stronger future together.”

In August, TowneBank announced that it had signed an agreement to acquire North Carolina-based Dogwood State Bank for approximately $475 million. The transaction is expected to close in early 2026, pending regulatory approval and the approval of Dogwood’s shareholders.

Founded in 1999, TowneBank has more than 50 locations across Central and Eastern Virginia and North Carolina. It had total assets of $18.26 billion as of June 30.