Troutman Pepper Locke represented Old Point Financial Corporation, the parent company of The Old Point National Bank of Phoebus (OPNB), in its agreement to merge with Hampton Roads-based TowneBank . Under this agreement, TowneBank will acquire Old Point Financial Corporation, OPNB, and Old Point Trust & Financial Services (Old Point Wealth). 

The proposed transaction will enhance TowneBank’s position in the Hampton Roads area with the addition of Old Point’s high-quality core deposit franchise. The press release noted that following TowneBank’s recently closed acquisition of Village Bank and Trust Financial Corp. and the proposed acquisition of Old Point Financial Corporation, the combined company would have total assets of $19.5 billion, loans of $13.1 billion, and deposits of $16.3 billion as of December 31, 2024.

Troutman Pepper Locke corporate attorneys Seth Winter, Greg Parisi, Adrianna ScheerCook, and Lele Meng; employee benefits and executive compensation attorneys David Kaplan and Emily Davidson; and tax attorney Mark Goldsmith served as legal counsel to Old Point Financial Corporation.