Old Point Financial in Hampton, Va., will soon have control of a mortgage joint venture formed nearly a decade ago.
The $906 million-asset Old Point disclosed in a regulatory filing Friday that its bank had agreed to buy a 51% stake in Old Point Mortgage from Tidewater Mortgage Services. Old Point National Bank has owned a 49% stake in the business since it was created in September 2007.
The acquisition is expected to close by May 1. Old Point Financial said the purchase price will be based on the joint venture’s March 31 financial statements.