Old Point National Bank to become sole owner of mortgage company
Hampton-based Old Point National Bank plans to become the sole owner of Old Point Mortgage.
The bank, which currently owns 49 percent of Old Point Mortgage, has entered into an agreement to buy the majority interest from Tidewater Mortgage Services Inc.
Financial details were not released.
The transaction, which is subject to customary due-diligence and regulatory approvals, is expected to close on or before May 1.
Old Point National Bank and Tidewater Mortgage began their partnership in 2007.
Old Point National Bank, which has branches throughout Hampton Roads, is a subsidiary of Old Point Financial Corp.
Tidewater Mortgage Services Inc. is an independent lender based in Virginia Beach.
Tidewater Mortgage has 25 offices in 15 states in the Eastern U.S.