Hampton-based Old Point Financial Corp. plans to acquire Windsor-based Citizens National Bank in a cash and stock deal worth about $7.9 million.
Under an agreement between the two companies, Citizens National will merge into The Old Point National Bank of Phoebus, a subsidiary of Old Point.
The deal has been unanimously approved by the boards of directors of both companies. It is expected to be completed in first quarter of next year, subject to the approval of Citizens National shareholders as well as customary regulatory approvals and other closing conditions.
