Business Description
Old Point Financial Corporation was incorporated under the laws of Virginia
on February 16, 1984, for the purpose of acquiring all the outstanding common
stock of The Old Point National Bank of Phoebus (the Bank), in connection with
the reorganization of the Bank into a one-bank holding company structure. At
the annual meeting of the stockholders on March 27, 1984, the proposed reorganization
was approved by the requisite stockholder vote. At the effective date of the
reorganization on October 1, 1984, the Bank merged into a newly formed national
bank as a wholly-owned subsidiary of the Company, with each outstanding share
of common stock of the Bank being converted into five shares of common stock
of the Company.
The Company completed a spin-off of its trust department as of April 1, 1999.
The organization is chartered as Old Point Trust & Financial Services, N.A.
(Trust). Trust is a nationally chartered trust company. The purpose of the spin-off
was to have a corporate structure more ready to compete in the field of wealth
management. Trust is a wholly-owned subsidiary of the Company.
The Bank is a national banking association that was founded in 1922. As of
the end of 2015, the Bank had 18 branch offices serving the Hampton Roads localities
of Hampton, Newport News, Norfolk, Virginia Beach, Chesapeake, Williamsburg/James
City County, York County and Isle of Wight County. The Bank offers a complete
line of consumer, mortgage and business banking services, including loan, deposit,
and cash management services to individual and commercial customers.
The Companys primary activity is as a holding company for the common stock
of the Bank and Trust. The principal business of the Company is conducted through
its subsidiaries, which continue to conduct business in substantially the same
manner as before the reorganization and spin-off.
2.67% 
8.51 %