Old Point Financial faces investigation over potential buyout breaches

On April 4, 2025, Rigrodsky Law, P.A. announced its investigation into Old Point Financial Corporation, a company listed on NASDAQ under the ticker OPOF, based in Wilmington, Delaware. The investigation focuses on possible breaches of fiduciary duties and other legal violations concerning Old Point's agreement to be acquired by TowneBank, a bank based in Hampton Roads. Under the terms of the acquisition agreement, shareholders of Old Point are to receive either $41.00 per share in cash or 1.1400 shares of TowneBank for every share of Old Point common stock they possess. The nature of Rigrodsky's investigation indicates concerns regarding the adequacy of the buyout proposal and whether the company’s board acted in the best interests of its shareholders or neglected their fiduciary responsibilities amidst the buyout negotiations. Shareholders may face consequences if breaches are proven, potentially affecting the transaction's viability or leading to renegotiations of the terms offered. Given the importance of fiduciary duties in corporate governance, such investigations can lead to significant legal ramifications for involved parties, changing the landscape for stakeholders who might be affected by this transition in ownership. Rigrodsky Law encourages shareholders with concerns to contact their team to discuss the matter further, stressing that prior outcomes do not guarantee similar results in this specific inquiry, illustrating how the outcomes of similar cases can vary widely based on their particulars. The call to action included in the announcement aims to reassure shareholders that their interests are being looked into and that they have avenues available for support if they feel their rights may have been compromised in the process of this acquisition.