The Innovate757 TowneBank Acquisition of Old Point Financial Corporation, a deal worth $203 million, represents a significant boost for the region’s innovation economy. As a result of the merger, the combined financial entity, with $19.5 billion in assets and 45 local branches, is poised to offer increased access to capital for local startups and small businesses. TowneBank’s expanded lending capacity will provide more funding for tech ventures, green energy projects, and creative startups in the Hampton Roads region. Furthermore, the acquisition enhances wealth management and mortgage expertise, facilitating smarter growth for local innovators. With this acquisition, Hampton Roads is set to become a more robust and interconnected innovation hub.

Introduction

By Tim Ryan

Overview of Acquisition

You have probably heard about the upcoming seismic shift in our financial landscape. On April 2, 2025, Suffolk-based TowneBank dropped a bombshell, announcing its $203 million acquisition of Old Point Financial Corporation, the parent of Old Point National Bank. This isn’t just a merger—it’s a turbocharge for our region’s innovation economy, and Innovate Hampton Roads is here to break down why this matters for you, our trailblazing entrepreneurs and visionaries.

Background of Companies

TowneBank, born in 1999 from a garage in Hampton Roads, has grown into the region’s banking titan, boasting $14 billion in assets and a knack for community-driven growth. Old Point, a Phoebus icon since 1923, brings a legacy of resilience—think cashing checks during the Great Depression to keep Hampton afloat. Together, they’re forming a financial juggernaut with $19.5 billion in assets, 45 local branches, and a fierce commitment to fueling our region’s future.

Impact on Innovation

So, what’s the big win for Hampton Roads’ innovators? This merger supercharges access to capital for startups and small businesses, the lifeblood of our entrepreneurial ecosystem. TowneBank’s expanded lending capacity—$13.1 billion in loans—means more funding for tech ventures, green energy projects, and creative startups across the 757. Old Point’s wealth management and mortgage expertise will empower local innovators to scale smarter, while TowneBank’s philanthropy ensures community reinvestment, from workforce development to accelerators like 757 Accelerate.

Future Outlook

The impact? A stronger, more connected innovation hub. With TowneBank’s recent Village Bank acquisition, this deal cements Hampton Roads as a financial powerhouse, attracting talent and investment. Local leaders like Robert F. Shuford Jr. and G. Robert Aston Jr. are doubling down on personalized service, ensuring our entrepreneurs aren’t just numbers but partners in progress. Plus, with regulatory approval pending, expect a smooth transition by late 2025, unlocking new opportunities for growth.

Call to Action

For Innovate Hampton Roads’ community, this is your moment. Leverage TowneBank’s expanded resources to launch that startup, scale your hustle, or innovate boldly. Our region’s entrepreneurial spirit is soaring, and with this merger, the sky’s the limit. Stay tuned for more updates on how Hampton Roads is redefining innovation!

Question & Answer

What is the value of the Innovate757 TowneBank Acquisition of Old Point Financial Corporation?

The deal is worth $203 million.

How does the merger benefit the region’s innovation economy?

The merger provides increased access to capital for local startups and small businesses, with TowneBank’s expanded lending capacity offering more funding for tech ventures, green energy projects, and creative startups in the Hampton Roads region.

What assets and branches will the combined financial entity have after the acquisition?

The combined financial entity will have $19.5 billion in assets and 45 local branches.

What expertise does the acquisition bring to wealth management and mortgage services?

The acquisition enhances wealth management and mortgage expertise, facilitating smarter growth for local innovators.