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Old Point Financial Corporation (Nasdaq: OPOF) is a leading financial services provider based in Hampton Roads, Virginia. As the parent company of Old Point National Bank and Old Point Wealth Management, Old Point Financial offers a comprehensive range of financial solutions. Their offerings include checking, insurance, mortgage products, and extensive commercial lending and banking services.
Old Point National Bank, a full-service community bank, operates 19 branches throughout the Hampton Roads region. It provides a broad spectrum of services, from sophisticated commercial banking solutions to consumer services, characterized by personalized attention. Additionally, Old Point National Bank offers surcharge-free access to over 55,000 ATMs worldwide, through the Allpoint ATM network, enhancing convenience for its customers.
Old Point Wealth Management, the largest wealth management services provider headquartered in Hampton Roads, has been providing local asset management by experienced professionals since 1926. The company is renowned for its sophisticated wealth management solutions and personalized service.
Committed to community support, Old Point Financial contributes to over 300 local charitable organizations. This dedication to community service underscores their mission to create a better community every day.
Financially, Old Point Financial remains robust, evidenced by their substantial net income and healthy asset growth. Despite the challenges faced by the banking industry, including rising interest rates and intense competition for deposits, Old Point Financial has managed to deliver strong operating results. Their balance sheet reflects strength in core banking fundamentals like asset quality, capital, and liquidity.
Recent strategic initiatives include a partnership with Tidewater Home Funding to enhance their mortgage product offerings while maintaining Old Point Mortgage's branding. This alliance is expected to bring increased homeownership opportunities to the region, demonstrating Old Point's commitment to expanding and improving their service offerings.
As of the latest financial reports, Old Point Financial boasts total assets of $1.4 billion, net loans of $1.1 billion, and total deposits of $1.2 billion. They continue to focus on maintaining strong asset quality and capital levels, positioning themselves for sustainable growth and value creation for shareholders.
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