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Old Point Completes Purchase of Full Ownership of Old Point Mortgage

Old Point Completes Purchase of Full Ownership of Old Point Mortgage

PR Newswire

HAMPTON, Va., April 21, 2017 /PRNewswire/ — Old Point National Bank is proud to announce that it has completed the purchase of 100% ownership interest in Old Point Mortgage. The Bank, which previously owned 49% of Old Point Mortgage, entered into an agreement to buy the majority interest from Tidewater Mortgage Services, Inc., in January 2017.

Old Point Mortgage will continue to serve its existing footprint, which covers the entire Old Point National Bank and Old Point Trust branches and coastal North Carolina. A Southside Main Office and Peninsula Headquarters have been established to expand our reach in those regions.

Sherry Thacker, longtime Vice President of Old Point Mortgage, has been named Senior Vice President & Managing Director of the organization and will lead their efforts in the Hampton Roads community. Thacker is a Hampton Roads native and has over 25 years of experience in the mortgage industry. “As the market continues to improve, I am excited to lead Old Point Mortgage’s efforts to help increase home ownership across our region. Our organization does a remarkable job and we have a lot of opportunity,” said Thacker.

Joseph R. Witt, Senior Executive Vice President and Chief Business Development Officer at Old Point National Bank said, “Old Point has enjoyed a long and profitable relationship with Tidewater Mortgage with its joint venture in Old Point Mortgage. This effort will expand opportunities for both organizations and we eagerly anticipate our future success.”

Old Point National Bank and Tidewater Mortgage began their partnership in 2007 and provide a full range of mortgage solutions to the Hampton Roads area. Old Point Mortgage, according to Witt, “will continue to provide stellar service, local decision making, and loan products focused on our customer needs.”

About Old Point National Bank
Old Point National Bank is a wholly-owned subsidiary of Old Point Financial Corporation (NASDAQ: OPOF) with branches throughout Hampton Roads. It is a full service bank offering a wide range of financial services, from solutions focused on individuals and small businesses to comprehensive commercial services. www.OldPoint.com.

For more information, contact Erin Black, Senior Vice President/Director of Marketing, Old Point National Bank at eblack@oldpoint.com or 757.251.2792.

Old Point Financial Corporation ("OPOF" - Nasdaq) is the parent company of The Old Point National Bank of Phoebus, a locally owned and managed community bank serving all of Hampton Roads and Old Point Trust & Financial Services, N.A., a Hampton Roads wealth management services provider. www.oldpoint.com

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/old-point-completes-purchase-of-full-ownership-of-old-point-mortgage-300443468.html

SOURCE Old Point National Bank

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