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): January 27, 2000
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
FOR IMMEDIATE RELEASE
January 27, 2000
The Board of Directors of Old Point Financial Corporation
(OTC-BB "OPOF") announced that it has approved the repurchase
of up to 5% of the corporation's common stock.
"The repurchase of Old Point stock by the corporation is a
tool that may be used in the future to increase long-term
value for our shareholders," said Robert F. Shuford, Chairman
of the Board and President of Old Point Financial
Corporation. "Old Point National Bank was founded in 1923
and Old Point Financial Corporation was formed in 1984. Since
that date, no shares have been repurchased by the company.
Our willingness to repurchase shares now indicates
management's faith in the ability of the corporation to
produce growth and earnings in an excellent market."
Old Point Financial Corporation had approximately 2.6 million
shares of common stock outstanding as of December 31, 1999.
Five percent of that total would represent up to 130,000
shares of common stock.
The $436.3-million asset Old Point Financial Corporation is
the parent company of Old Point National Bank, a locally owned
and managed community bank serving Hampton Roads with a 14-
branch network extending from Chesapeake through James City
County, and Old Point Trust & Financial Services, N.A.,
Hampton Roads' largest independent trust services provider.
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
Old Point Financial Corporation
By: /s/ Robert F. Shuford
Robert F. Shuford
Chairman of the Board
President & CEO
Dated January 27, 2000
