07:39 AM EDT, 04/03/2025 (MT Newswires) -- TowneBank ( TOWN ) has agreed to buy Old Point Financial ( OPOF ) for about $203 million, the companies said Thursday.

Old Point shareholders can choose between receiving $41 in cash and 1.1400 TowneBank ( TOWN ) common shares for every outstanding Old Point share, the companies said.

Deal completion is anticipated in H2, the companies said, adding that TowneBank ( TOWN ) expects the deal to be nearly 10% accretive to earnings with fully phased-in cost savings on a GAAP basis.