On Oct. 30, Old Point Financial Corporation and Citizens National Bank announced a merger agreement in which Old Point Financial will acquire Citizens National for $7.9 million in stock and cash. Once the transaction closes, Citizens National will merge into The Old Point Bank of Phoebus, and the two community banks will combine to form an entity with approximately $1 billion in assets with 19 locations throughout the Hampton Roads region.
Williams Mullen’s Community Banking team of Scott Richter, Lee Lester, Ben McCall, Mark Zaruba, Nona Massengill, Bobby Hamlett, Anna Derewenda, Marie Yascko-Rosado, Jim Giudice and Conrad Garcia represented Citizens National in the deal. Click below to read the press release announcing the deal.
Old Point Financial Corp (OPOF) to Acquire Citizens National Bank