SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 01, 1999
OLD POINT FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Virginia 0-12896 54-1265373
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
1 West Mellen Street, Hampton, Virginia 23663
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (757) 728-1200
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Item 5. Other Events
PRESS RELEASE
OLD POINT FINANCIAL CORPORATION ESTABLISHES NEW SUBSIDIARY:
OLD POINT TRUST AND FINANCIAL SERVICES, N.A.
Old Point Financial Corporation announces that effective
April 1, 1999, Old Point Trust & Financial Services, N.A. is
a wholly owned subsidiary of Old Point Financial
Corporation. W. Rodney Rosser is President of the new
company and Frank E. Continetti is the Chief Administrative
Officer.
"Old Point Trust has had a long and proud heritage of
service to the community," said Mr. Rosser, "The bank was
granted trust powers in 1926, just three years after the
bank's founding. Since that time, our trust division has
grown to be the second largest independent trust and
financial services provider based in Virginia. With this
move, we are indicating that local trust services are here
to stay. The object of this move is to provide lifetime
financial services to our customers in the form of a broader
range of services." Among the additional services that the
new subsidiary will be able to provide to Hampton Roads
residents are annuities, mutual funds, discount brokerage,
investment advisory services, financial planning, and tax
services.
Added Mr. Continetti, "Not only are we the second largest
independent trust services provider in the state, but we are
the largest in Hampton Roads. That means that we can locally
provide many of the sophisticated financial services that
our customers want. Our twenty-six employees are also
focused on personal service."
OPFC NEW SUBSIDIARY
The new subsidiary has a national bank charter and will be
regulated under national banking laws and regulations. The
"N.A."in the legal title of the company stands for "National
Association." Banking regulations require that all national
banks have the word "national" in their legal title.
Old Point Trust & Financial Services, N.A. has over $360
million in assets and a staff of 26. In addition to its
headquarters office in the Old Point Trust and Financial
Services Center in the Oyster Point section of Newport News,
Old Point Trust has an office in Hampton.
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Old Point Financial Corporation is the parent company of Old
Point Trust and Financial Services, N.A., a full service
trust company, and Old Point National Bank, a locally owned
and managed community bank established in 1923. Through its
two subsidiaries, Old Point Financial Corporation provides
financial services to the community of Hampton Roads via a
network of 12 banking offices and a Trust and Financial
Services Center. Two additional branches, in Chesapeake and
Norge, are scheduled to open in mid-1999.
For More Information Contact:Lani Chisman Davis, Marketing
Director, 757/728-1286
