By Colin Kellaher
TowneBank has agreed to buy fellow Virginia bank holding company Old Point Financial for about $203 million in cash and stock.
TowneBank on Thursday said Old Point investors can elect to receive either $41 in cash or 1.14 TowneBank shares for each Old Point share held, subject to the total stock consideration representing 50% to 60% of the total paid.
The $41 cash price represents a 37% premium to Wednesday's closing price of $29.91 for Old Point.
The deal is slated to close in the second half of the year.
TowneBank said the Old Point deal, coupled with its recent acquisition of Village Bank & Trust Financial, would create a combined company with total assets of $19.5 billion in Virginia's Hampton Roads region.
Trading in Old Point shares was halted premarket on Thursday.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
April 03, 2025 07:33 ET (11:33 GMT)
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