By Tim Ryan
You have probably heard about the upcoming seismic shift in our financial landscape. On April 2, 2025, Suffolk-based TowneBank dropped a bombshell, announcing its $203 million acquisition of Old Point Financial Corporation, the parent of Old Point National Bank. This isn’t just a merger—it’s a turbocharge for our region’s innovation economy, and Innovate Hampton Roads is here to break down why this matters for you, our trailblazing entrepreneurs and visionaries.
TowneBank, born in 1999 from a garage in Hampton Roads, has grown into the region’s banking titan, boasting $14 billion in assets and a knack for community-driven growth. Old Point, a Phoebus icon since 1923, brings a legacy of resilience—think cashing checks during the Great Depression to keep Hampton afloat. Together, they’re forming a financial juggernaut with $19.5 billion in assets, 45 local branches, and a fierce commitment to fueling our region’s future.
So, what’s the big win for Hampton Roads’ innovators? This merger supercharges access to capital for startups and small businesses, the lifeblood of our entrepreneurial ecosystem. TowneBank’s expanded lending capacity—$13.1 billion in loans—means more funding for tech ventures, green energy projects, and creative startups across the 757. Old Point’s wealth management and mortgage expertise will empower local innovators to scale smarter, while TowneBank’s philanthropy ensures community reinvestment, from workforce development to accelerators like 757 Accelerate.
The impact? A stronger, more connected innovation hub. With TowneBank’s recent Village Bank acquisition, this deal cements Hampton Roads as a financial powerhouse, attracting talent and investment. Local leaders like Robert F. Shuford Jr. and G. Robert Aston Jr. are doubling down on personalized service, ensuring our entrepreneurs aren’t just numbers but partners in progress. Plus, with regulatory approval pending, expect a smooth transition by late 2025, unlocking new opportunities for growth.
For Innovate Hampton Roads’ community, this is your moment. Leverage TowneBank’s expanded resources to launch that startup, scale your hustle, or innovate boldly. Our region’s entrepreneurial spirit is soaring, and with this merger, the sky’s the limit. Stay tuned for more updates on how Hampton Roads is redefining innovation!
