Old Point Enters Agreement with PL Capital
Troutman Sanders was mentioned in a March press release that was picked up by multiple sources – Manufacturing Close-Up, Citybizlist, etc. – about Old Point Financial Corporation announcing that it had entered into an agreement with PL Capital and certain of its affiliates, which beneficially owns approximately 6.1% of the company’s outstanding stock, and William F. Keefe, regarding the composition of Old Point’s Board of Directors.
Under the terms of the agreement, Old Point will nominate Keefe for election to the board at the company’s 2016 and 2017 annual meetings of stockholders. If Keefe is elected to the board, he will be placed on the board of directors of The Old Point National Bank of Phoebus and will be eligible to serve on other committees of the board in the same manner as any other director. PL Capital Group agreed to withdraw its proxy contest and to vote all of its shares in favor of the nominees of the board at the 2016 and 2017 annual meetings, in addition to certain other customary standstill and voting commitments.
Richmond partner Jake Lutz and associate Seth Winter represented Old Point Financial in the deal.