Old Point Financial jumps on $203 million buyout deal with TowneBank

TowneBank

03/04/2025 14:59

** Community bank Old Point Financial's  shares jump 23.1% to $36.83

** Regional lender TowneBank's TOWN.O shares fall 6.5% to $31.70

** Virginia-based TowneBank will acquire Old Point Financial in a $203 million deal, the companies say

** Deal will boost TowneBank's EPS by about 10%, companies say

** Transaction will create a combined bank with $19.5 billion in assets and bolster TOWN's presence in Hampton Roads area

** OPOF shareholders can choose to receive either $41 in cash or 1.14 shares of TOWN for each OPOF share

** Piper Sandler advised TOWN, while Keefe, Bruyette & Woods advised OPOF

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com))