Citizens National Bank merges with Old Point
Published 3:12 pm Tuesday, April 17, 2018
On Monday, Old Point Financial Corporation, the Hampton-based parent company of The Old Point National Bank of Phoebus, announced the completion of its acquisition of Citizens National Bank in Windsor.
Under the terms of the merger agreement, CNB shareholders received 0.1041 shares of Old Point stock and $2.19 in cash for each share of Citizens stock. CNB shareholders approved the merger in mid-March.
“With the acquisition complete, we can now put all of our efforts into creating an outstanding experience for our new customers from CNB,” said Old Point National Bank President and CEO Robert F. Shuford Jr. “We are excited to introduce them to Old Point’s wide range of quality products and services, which will positively impact their families and businesses.”
According to Old Point’s marketing officer, Laura Wright, the company announced its intent to merge with CNB in late October 2017. CNB’s online banking and the physical building in Windsor will transition to Old Point during the weekend of May 18 through 21. CNB customers will receive information over the next 30 days about the enhancements to their current accounts.
“It’s a great opportunity for us to expand our footprint further into the Isle of Wight market,” she said of the reasons behind the merger.
As of Dec. 31, 2017 the soon-to-be combined company would have total assets of approximately $1.03 billion, deposits of approximately $828 million and capital of approximately $104 million.
Citizens National bank is a nationally chartered community bank, headquartered in Windsor, serving Isle of Wight County, the cities of Franklin and Suffolk and portions of Southampton, Surry and Sussex counties with one full-service branch.
The Old Point National Bank of Phoebus is a locally owned and managed community bank serving all of Hampton Roads and Old Point Trust and Financial Services N.A., a Hampton Roads wealth management services provider.
More information can be found at www.oldpoint.com.