07:35 AM EDT, 08/15/2025 (MT Newswires) -- TowneBank ( TOWN ) said Thursday it received final approvals to complete its merger with Old Point Financial ( OPOF ) and The Old Point National Bank, with closing expected on or about Sept. 1, subject to customary conditions.

The election deadline for Old Point holders to choose their consideration is Aug. 26, unless extended, the company said.

Holders may elect per share $41 in cash, 1.14 TowneBank ( TOWN ) shares plus cash in lieu of fractional shares, or a mix, subject to allocation and proration to keep stock consideration between 50% and 60% of eligible shares, TowneBank ( TOWN ) said.