STOCK TITAN

[8-K] Old Point Financial Corp Reports Material Event

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Old Point Financial Corporation disclosed items relating to a completed transaction and corporate changes. The filing references an Agreement and Plan of Merger dated April 2, 2025, among TowneBank, Old Point Financial Corporation and The Old Point National Bank of Phoebus, and states the merger consideration options of $41.00 per share in cash or 1.14 shares of TowneBank common stock. The report lists related Form 8-K items including completion of an acquisition or disposition of assets, notice of delisting or failure to satisfy continued listing standards, material modification to rights of security holders, changes in control, departures or elections of certain officers or directors, amendments to charter/bylaws or change in fiscal year, and financial statements and exhibits. Exhibit 2.1 (the merger agreement) is incorporated by reference. The signature block shows TowneBank as successor to Old Point and names William B. Littreal as Senior Executive Vice President and Chief Financial Officer.

Old Point Financial Corporation ha reso noti elementi relativi a una transazione completata e a cambiamenti societari. La comunicazione fa riferimento a un Agreement and Plan of Merger datato 2 aprile 2025, tra TowneBank, Old Point Financial Corporation e The Old Point National Bank of Phoebus, e indica le opzioni di corrispettivo per la fusione: $41.00 per azione in contanti oppure 1,14 azioni ordinarie di TowneBank. Il rapporto elenca le voci correlate del Modulo 8-K, tra cui il completamento di un’acquisizione o la cessione di attività, l’avviso di esclusione dalla quotazione o il mancato rispetto dei requisiti di quotazione continua, modifiche rilevanti ai diritti degli azionisti, cambiamenti nel controllo, dimissioni o nomine di determinati dirigenti o amministratori, emendamenti allo statuto/regolamento o cambiamento dell’esercizio finanziario, nonché rendiconti finanziari ed esibizioni. L’Exhibit 2.1 (l’accordo di fusione) è incorporato per riferimento. Il blocco firma indica TowneBank come successore di Old Point e nomina William B. Littreal come Senior Executive Vice President e Chief Financial Officer.

Old Point Financial Corporation divulgó elementos relacionados con una transacción completada y cambios corporativos. La presentación hace referencia a un Agreement and Plan of Merger con fecha 2 de abril de 2025, entre TowneBank, Old Point Financial Corporation y The Old Point National Bank of Phoebus, y establece las opciones de contraprestación por la fusión: $41.00 por acción en efectivo o 1,14 acciones ordinarias de TowneBank. El informe enumera los elementos relacionados del Formulario 8-K, incluyendo la finalización de una adquisición o disposición de activos, aviso de exclusión de cotización o incumplimiento de los estándares de cotización continua, modificación material de los derechos de los tenedores de valores, cambios en el control, salidas o nombramientos de ciertos oficiales o directores, enmiendas al estatuto/ reglamentos o cambio del año fiscal, así como estados financieros y anexos. El Exhibit 2.1 (el acuerdo de fusión) se incorpora por referencia. El bloque de firma muestra a TowneBank como sucesor de Old Point y nombra a William B. Littreal como Senior Executive Vice President y Chief Financial Officer.

Old Point Financial Corporation는 완료된 거래 및 회사 변경 사항과 관련된 항목을 공개했습니다. 해당 제출서류는 2025년 4월 2일자 TowneBank, Old Point Financial Corporation 및 The Old Point National Bank of Phoebus 간의 Agreement and Plan of Merger를 언급하며, 합병 대가 선택으로 주당 $41.00 현금 또는 TowneBank 보통주 1.14주를 명시하고 있습니다. 보고서는 자산의 인수 또는 처분 완료, 상장폐지 통지 또는 계속 상장 기준 미충족, 증권권리의 중대한 변경, 지배권 변경, 특정 임원 또는 이사의 사임·선임, 정관/내규의 개정 또는 회계연도 변경, 재무제표 및 증빙서류 등 관련 Form 8-K 항목들을 나열하고 있습니다. Exhibit 2.1(합병계약서)는 참고로 포함되어 있습니다. 서명 블록에는 Old Point의 승계인으로 TowneBank가 표시되어 있으며 William B. Littreal을 Senior Executive Vice President 겸 Chief Financial Officer로 명시하고 있습니다.

Old Point Financial Corporation a divulgué des éléments relatifs à une transaction achevée et à des changements au sein de la société. Le dossier fait référence à un Agreement and Plan of Merger daté du 2 avril 2025 entre TowneBank, Old Point Financial Corporation et The Old Point National Bank of Phoebus, et indique les options de contrepartie pour la fusion : 41,00 $ par action en espèces ou 1,14 action ordinaire de TowneBank. Le rapport énumère les éléments connexes du formulaire 8‑K, notamment l’achèvement d’une acquisition ou la cession d’actifs, l’avis de radiation ou le non-respect des normes de maintien de la cotation, une modification substantielle des droits des porteurs de titres, les changements de contrôle, les départs ou nominations de certains dirigeants ou administrateurs, des amendements aux statuts/règlements ou un changement d’exercice, ainsi que les états financiers et annexes. L’Exhibit 2.1 (le contrat de fusion) est incorporé par renvoi. Le bloc de signature indique TowneBank comme successeur d’Old Point et nomme William B. Littreal Senior Executive Vice President et Chief Financial Officer.

Old Point Financial Corporation hat Angaben zu einer abgeschlossenen Transaktion und zu gesellschaftlichen Änderungen gemacht. Die Einreichung verweist auf ein Agreement and Plan of Merger vom 2. April 2025 zwischen TowneBank, Old Point Financial Corporation und The Old Point National Bank of Phoebus und nennt als Fusionsgegenleistung die Optionen $41,00 je Aktie in bar oder 1,14 Stammaktien von TowneBank. Der Bericht listet zugehörige Form 8‑K‑Punkte auf, darunter den Abschluss eines Erwerbs oder einer Veräußerung von Vermögenswerten, eine Mitteilung über die Delistung oder das Nichterfüllen fortlaufender Notierungsanforderungen, wesentliche Änderungen der Rechte von Wertpapierinhabern, Kontrollwechsel, Abgänge oder Ernennungen bestimmter Führungskräfte oder Direktoren, Änderungen der Satzung/Bylaws oder des Geschäftsjahres sowie Abschlüsse und Anlagen. Exhibit 2.1 (der Fusionsvertrag) wird per Verweis einbezogen. Die Unterschriftszeile führt TowneBank als Nachfolger von Old Point auf und nennt William B. Littreal als Senior Executive Vice President und Chief Financial Officer.

Positive
  • Clear merger consideration disclosed: $41.00 cash or 1.14 TowneBank shares per Old Point share
  • Merger agreement incorporated by reference: Exhibit 2.1 dated April 2, 2025
Negative
  • Potential listing implications signaled: Item 3.01 notice of delisting or failure to satisfy continued listing standards is included
  • Multiple governance changes reported: Items covering changes in control and modifications to shareholder rights indicate substantial corporate restructuring

Insights

TL;DR: The filing documents a merger with clear consideration alternatives: $41.00 cash per share or 1.14 TowneBank shares.

The filing explicitly ties Old Point to a merger agreement dated April 2, 2025, with TowneBank as counterparty and identifies the merger consideration options: $41.00 per share cash or 1.14 shares of TowneBank common stock. The disclosure covers multiple Form 8-K items commonly associated with a transaction of material consequence, including transfer of listing, changes in control, and modifications to shareholder rights. Exhibit 2.1 is incorporated by reference, indicating the detailed agreement is filed elsewhere. The successor designation and CFO signature indicate corporate transition steps have been completed from a filing perspective.

TL;DR: Multiple governance-related 8-K items are reported, signaling structural and listing changes tied to the merger.

The registrant reported items addressing delisting/continued listing standards, material changes to security holder rights, changes in control, and director/officer appointments or departures, all of which are governance-sensitive disclosures. These items are consistent with a completed merger and the incorporation of the merger agreement as Exhibit 2.1. The filing names a corporate officer on behalf of TowneBank as successor, which is a formal step in documenting the post-transaction governance status.

Old Point Financial Corporation ha reso noti elementi relativi a una transazione completata e a cambiamenti societari. La comunicazione fa riferimento a un Agreement and Plan of Merger datato 2 aprile 2025, tra TowneBank, Old Point Financial Corporation e The Old Point National Bank of Phoebus, e indica le opzioni di corrispettivo per la fusione: $41.00 per azione in contanti oppure 1,14 azioni ordinarie di TowneBank. Il rapporto elenca le voci correlate del Modulo 8-K, tra cui il completamento di un’acquisizione o la cessione di attività, l’avviso di esclusione dalla quotazione o il mancato rispetto dei requisiti di quotazione continua, modifiche rilevanti ai diritti degli azionisti, cambiamenti nel controllo, dimissioni o nomine di determinati dirigenti o amministratori, emendamenti allo statuto/regolamento o cambiamento dell’esercizio finanziario, nonché rendiconti finanziari ed esibizioni. L’Exhibit 2.1 (l’accordo di fusione) è incorporato per riferimento. Il blocco firma indica TowneBank come successore di Old Point e nomina William B. Littreal come Senior Executive Vice President e Chief Financial Officer.

Old Point Financial Corporation divulgó elementos relacionados con una transacción completada y cambios corporativos. La presentación hace referencia a un Agreement and Plan of Merger con fecha 2 de abril de 2025, entre TowneBank, Old Point Financial Corporation y The Old Point National Bank of Phoebus, y establece las opciones de contraprestación por la fusión: $41.00 por acción en efectivo o 1,14 acciones ordinarias de TowneBank. El informe enumera los elementos relacionados del Formulario 8-K, incluyendo la finalización de una adquisición o disposición de activos, aviso de exclusión de cotización o incumplimiento de los estándares de cotización continua, modificación material de los derechos de los tenedores de valores, cambios en el control, salidas o nombramientos de ciertos oficiales o directores, enmiendas al estatuto/ reglamentos o cambio del año fiscal, así como estados financieros y anexos. El Exhibit 2.1 (el acuerdo de fusión) se incorpora por referencia. El bloque de firma muestra a TowneBank como sucesor de Old Point y nombra a William B. Littreal como Senior Executive Vice President y Chief Financial Officer.

Old Point Financial Corporation는 완료된 거래 및 회사 변경 사항과 관련된 항목을 공개했습니다. 해당 제출서류는 2025년 4월 2일자 TowneBank, Old Point Financial Corporation 및 The Old Point National Bank of Phoebus 간의 Agreement and Plan of Merger를 언급하며, 합병 대가 선택으로 주당 $41.00 현금 또는 TowneBank 보통주 1.14주를 명시하고 있습니다. 보고서는 자산의 인수 또는 처분 완료, 상장폐지 통지 또는 계속 상장 기준 미충족, 증권권리의 중대한 변경, 지배권 변경, 특정 임원 또는 이사의 사임·선임, 정관/내규의 개정 또는 회계연도 변경, 재무제표 및 증빙서류 등 관련 Form 8-K 항목들을 나열하고 있습니다. Exhibit 2.1(합병계약서)는 참고로 포함되어 있습니다. 서명 블록에는 Old Point의 승계인으로 TowneBank가 표시되어 있으며 William B. Littreal을 Senior Executive Vice President 겸 Chief Financial Officer로 명시하고 있습니다.

Old Point Financial Corporation a divulgué des éléments relatifs à une transaction achevée et à des changements au sein de la société. Le dossier fait référence à un Agreement and Plan of Merger daté du 2 avril 2025 entre TowneBank, Old Point Financial Corporation et The Old Point National Bank of Phoebus, et indique les options de contrepartie pour la fusion : 41,00 $ par action en espèces ou 1,14 action ordinaire de TowneBank. Le rapport énumère les éléments connexes du formulaire 8‑K, notamment l’achèvement d’une acquisition ou la cession d’actifs, l’avis de radiation ou le non-respect des normes de maintien de la cotation, une modification substantielle des droits des porteurs de titres, les changements de contrôle, les départs ou nominations de certains dirigeants ou administrateurs, des amendements aux statuts/règlements ou un changement d’exercice, ainsi que les états financiers et annexes. L’Exhibit 2.1 (le contrat de fusion) est incorporé par renvoi. Le bloc de signature indique TowneBank comme successeur d’Old Point et nomme William B. Littreal Senior Executive Vice President et Chief Financial Officer.

Old Point Financial Corporation hat Angaben zu einer abgeschlossenen Transaktion und zu gesellschaftlichen Änderungen gemacht. Die Einreichung verweist auf ein Agreement and Plan of Merger vom 2. April 2025 zwischen TowneBank, Old Point Financial Corporation und The Old Point National Bank of Phoebus und nennt als Fusionsgegenleistung die Optionen $41,00 je Aktie in bar oder 1,14 Stammaktien von TowneBank. Der Bericht listet zugehörige Form 8‑K‑Punkte auf, darunter den Abschluss eines Erwerbs oder einer Veräußerung von Vermögenswerten, eine Mitteilung über die Delistung oder das Nichterfüllen fortlaufender Notierungsanforderungen, wesentliche Änderungen der Rechte von Wertpapierinhabern, Kontrollwechsel, Abgänge oder Ernennungen bestimmter Führungskräfte oder Direktoren, Änderungen der Satzung/Bylaws oder des Geschäftsjahres sowie Abschlüsse und Anlagen. Exhibit 2.1 (der Fusionsvertrag) wird per Verweis einbezogen. Die Unterschriftszeile führt TowneBank als Nachfolger von Old Point auf und nennt William B. Littreal als Senior Executive Vice President und Chief Financial Officer.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): September 1, 2025

 

OLD POINT FINANCIAL CORPORATION

 (Exact name of registrant as specified in its charter)

 

Virginia   000-12896   54-1265373
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification No.)

 

101 East Queen Street

Hampton, Virginia 23669

(Address of principal executive offices)  (Zip Code)

 

(757) 728-1200

(Registrant's telephone number, including area code)

 

Not applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, $5.00 par value OPOF The NASDAQ Stock Market LLC

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company   ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ¨

 

 

 

 

 

Item 2.01Completion of Acquisition or Disposition of Assets.

 

On September 1, 2025, Old Point Financial Corporation, a Virginia corporation (“Old Point”) and The Old Point National Bank of Phoebus, a nationally chartered banking association and wholly owned subsidiary of Old Point (“Old Point National Bank”) completed their previously announced mergers with TowneBank, a Virginia banking corporation (“TowneBank”). Pursuant to the terms of the Agreement and Plan of Merger, dated as of April 2, 2025 (the “Merger Agreement”), by and among TowneBank, Old Point and Old Point National Bank, Old Point merged with and into TowneBank (the “Old Point merger”), and immediately thereafter and contemporaneously therewith, Old Point National Bank merged with and into TowneBank (together with the Old Point merger, the “Merger”), with TowneBank surviving the Merger.

 

Under the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, par value $5.00 per share, of Old Point issued and outstanding immediately prior to the Effective Time, other than certain shares held by Old Point, was converted into the right to receive, at the election of the holder of such share of Old Point common stock, and subject to the proration and allocation procedures set forth in the Merger Agreement:

 

·$41.00 per share in cash (the “Cash Consideration”); or

 

·1.14 shares of common stock, par value $1.667 per share, of TowneBank (the “Stock Consideration” and together with the Cash Consideration, in each case, without interest, the “Merger Consideration”).

 

At the Effective Time, each restricted share of Old Point common stock that was outstanding immediately prior to the Effective Time fully vested and converted into the right to receive the Merger Consideration, with the same election right as shares of Old Point common stock. Each share of TowneBank common stock outstanding immediately prior to the Effective Time remained outstanding and was unaffected by the Merger.

 

As previously announced, the election deadline for holders of Old Point common stock and Old Point restricted stock awards to elect the form of consideration they wished to receive in the Merger, subject to the allocation and proration procedures set forth in the Merger Agreement, was 5:00 p.m., Eastern Time, on August 26, 2025. Of the shares of Old Point common stock outstanding immediately prior to the completion of the Merger (including the Old Point restricted stock awards that had the same election rights as shares of Old Point common stock), approximately 28.3% of shares timely elected to receive the Cash Consideration (the “cash election shares”), approximately 60.7% of shares timely elected to receive the Stock Consideration (the “stock election shares”) and approximately 10.9% of shares did not make a timely election (the “non-election shares”). Pursuant to the terms of the Merger Agreement and after giving effect to the allocation and proration procedures set forth therein, at the Effective Time, approximately 98.8% of each holder’s stock election shares were converted into the right to receive the Stock Consideration, approximately 1.2% of each holder’s stock election shares were converted into the right to receive the Cash Consideration and all cash election shares and non-election shares were converted into the right to receive the Cash Consideration, such that 40% of the shares of Old Point common stock (including the Old Point restricted stock awards that had the same election rights as shares of Old Point common stock) outstanding immediately prior to the Effective Time were converted into the right to receive the Cash Consideration and 60% of the shares of Old Point common stock (including the Old Point restricted stock awards that had the same election rights as shares of Old Point common stock) outstanding immediately prior to the Effective Time were converted into the right to receive the Stock Consideration. The Cash Consideration was funded through cash on hand from TowneBank.

 

The foregoing description of the Merger and the Merger Agreement does not purport to be complete and is qualified in its entirety by reference to the Merger Agreement, which was filed as Exhibit 2.1 to Old Point’s Form 8-K filed on April 7, 2025 and is incorporated herein by reference.

 

Item 3.01Notice of Delisting or Failure to Satisfy a Continued Listing Rule or Standard; Transfer of Listing.

 

As a result of the Merger, Old Point no longer fulfills the listing requirements of the Nasdaq Capital Market (“Nasdaq”). On August 29, 2025, Old Point notified Nasdaq that the transactions contemplated by the Merger Agreement were expected to close on September 1, 2025. Old Point requested that Nasdaq (i) suspend trading in shares of Old Point common stock before the opening of trading on September 2, 2025, (ii) withdraw Old Point common stock from listing on Nasdaq before the opening of trading on September 2, 2025 and (iii) file with the Securities and Exchange Commission (the “SEC”) a notification of delisting of Old Point common stock on Form 25 under Section 12(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). As a result, Old Point common stock is no longer listed on Nasdaq.

 

In furtherance of the foregoing, TowneBank, as successor to Old Point, intends to file with the SEC certifications on Form 15 under the Exchange Act to deregister Old Point common stock under Section 12(g) of the Exchange Act and the corresponding immediate suspension of Old Point’s reporting obligations under Sections 13 and 15(d) of the Exchange Act as promptly as practicable, and to cease filing any further periodic reports with respect to Old Point since it no longer exists as a separate legal entity as a result of the Merger.

 

The information set forth under Item 2.01 of this Current Report on Form 8-K is incorporated by reference into this Item 3.01.

 

 

 

 

Item 3.03Material Modification to Rights of Security Holders.

 

As set forth under Item 2.01 of this Current Report on Form 8-K, at the Effective Time, each share of Old Point common stock that was outstanding immediately prior to the Effective Time, other than certain shares held by Old Point, was converted into the right to receive the Merger Consideration.

 

The information set forth under Items 2.01, 3.01, 5.01 and 5.03 of this Current Report on Form 8-K is incorporated by reference into this Item 3.03.

 

Item 5.01Changes in Control of Registrant.

 

At the Effective Time, on September 1, 2025, Old Point was merged with and into TowneBank pursuant to the Merger Agreement, with TowneBank surviving the Merger.

 

The information set forth under Items 2.01, 3.03 and 5.02 of this Current Report on Form 8-K is incorporated by reference into this Item 5.01.

 

Item 5.02Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

All of Old Point’s directors and executive officers ceased serving as directors and executive officers of Old Point as of the Effective Time and pursuant to the terms of the Merger Agreement.

 

Item 5.03Amendments to the Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

As a result of the Merger, at the Effective Time, Old Point ceased to exist, and the Articles of Incorporation and the Bylaws of Old Point ceased to be in effect by operation of law. The Articles of Incorporation and Bylaws of TowneBank, each as in effect immediately prior to the Effective Time, remain in effect as the Articles of Incorporation and Bylaws of TowneBank as the surviving entity.

 

The information set forth in Item 2.01 of this Current Report on Form 8-K is also incorporated by reference into this Item 5.03.

 

Item 9.01Financial Statements and Exhibits.

 

(d)       Exhibits.

 

Exhibit No.Description
  
2.1Agreement and Plan of Merger, dated as of April 2, 2025, by and among TowneBank, Old Point Financial Corporation and The Old Point National Bank of Phoebus (incorporated by reference to Exhibit 2.1 to Old Point’s Current Report on Form 8-K filed on April 7, 2025).
  
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  TOWNEBANK
  (as successor to Old Point Financial Corporation)
   
  By: /s/ William B. Littreal
  Name: William B. Littreal
  Title: Senior Executive Vice President and Chief Financial Officer

 

Date: September 2, 2025

 

 

FAQ

What merger consideration did Old Point Financial (OPOF) disclose?

The filing states the merger consideration is either $41.00 per share in cash or 1.14 shares of TowneBank common stock.

Is there a merger agreement filed for Old Point Financial (OPOF)?

Yes. The filing incorporates by reference Exhibit 2.1, the Agreement and Plan of Merger dated April 2, 2025.

Does the 8-K report any listing or governance changes for OPOF?

Yes. The report lists Item 3.01 (notice of delisting or failure to satisfy listing standards) and items related to changes in control and modifications to security holder rights.

Who signed the filing on behalf of the successor entity?

The signature block lists TowneBank as successor to Old Point Financial Corporation and names William B. Littreal, Senior Executive Vice President and Chief Financial Officer.

When was the merger agreement between Old Point and TowneBank dated?

The Agreement and Plan of Merger referenced in the filing is dated April 2, 2025.
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