M&A · Financials · National Commercial Banks
TowneBank to acquire Old Point Financial Corp
Announced Apr 2, 2025 · Closed Sep 2, 2025
Deal value$203M
Premium—To unaffected price
EV / Adj. EBITDA—
ConsiderationCash and stock$38.54 per share
Transaction
- Acquirer
- TowneBank
- Target
- Old Point Financial Corp
- Buyer type
- Strategic
- Offer price per share
- $38.54
- Enterprise value
- —
- Status
- Closed Sep 2, 2025
Deal protections
- Break fee (target pays)
- $8.2M · 4.0%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Piper Sandler
- To the target
- Stifel
Sector context · Financials
- Comparable deals
- 60 in the prior 24 months
- Premium
- Sector median 34.5%
- EV / Adj. EBITDA
- Sector median 12.5x
- Break fee
- 4.0% vs. 3.5% sector median
Timeline
- AnnouncedApr 2, 2025
- Proxy filedMay 16, 2025
- Definitive proxyMay 27, 2025
- Shareholder voteJul 2, 2025
- ClosedSep 2, 2025
Valuation · fairness opinions
Discounted cash flow$31.82$45.81
Discounted cash flow$20.63$30.43
Offer $38.54
Implied value per Old Point Financial Corp share by analysis, from Stifel · DCF discount rate 11%–15%.