Industries Banking/Finance

Citizens National Bank shareholders approve merger with Old Point Financial Corp.

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Shareholders of Windsor-based Citizens National Bank have approved its merger with Hampton-based Old Point Financial Corp.

The acquisition of Citizens National is a stock and cash deal valued at $7.9 million when it was announced on Oct. 30.

Under the terms of the merger agreement, Citizens shareholders will receive 0.1041 shares of Old Point stock and $2.19 in cash for each share of their shares. When the deal is closed, Citizens National will merge into Old Point.

"We are pleased to have received both regulatory and shareholder approvals needed to proceed with the acquisition and remain on track to close in early second quarter," Robert F. Shuford Sr., the president and CEO of Old Point, said in a statement. "This transaction strengthens our market position in Isle of Wight County and the greater Southside market of Hampton Roads. We are excited to bring on new teammates, customers and shareholders."

As of Dec. 31, the combined company would have total assets of about $1.03 billion, deposits of about $828 million and capital of approximately $104 million.

Old Point Financial Corporation is the parent company of The Old Point National Bank of Phoebus, a locally owned community bank, and Old Point Trust & Financial Services, a Hampton Roads wealth management services provider.

Citizens National Bank serves Isle of Wight County, portions of Southampton, Surry and Sussex counties and the cities of Franklin and Suffolk.

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