Old Point discloses shareholder lawsuits over merger with TowneBank; supplements proxy with financial projections

OLD POINT FINANCIAL CORP

Two class-action suits filed June 12, 2025 alleging proxy statement deficiencies; demand letters also received.
Old Point and TowneBank deny wrongdoing but supplement proxy to avoid risk of delaying the merger.
Supplemental disclosures add litigation risk factor, KBW valuation ranges, and accretion estimates (8.3% EPS accretion for 2026).
KBW advisory fee set at ~$3.0M (1.50% of merger consideration), with $500K payable upon opinion delivery.
Old Point internal projections: net income $10.8M (2025) to $15.8M (2030); EPS $2.12 (2025) and $2.45 (2026).

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