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Old Point National Bank seeks to become sole owner of Old Point Mortgage

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Old Point National Bank seeks to become sole owner of Old Point Mortgage

In Virginia, Hampton-based Old Point National Bank of Phoebus agreed to purchase Virginia Beach-based Tidewater Mortgage Services Inc.'s 51% interest in Newport News-based Old Point Mortgage LLC.

The deal's purchase price will be based on Old Point Mortgage's financial statements as of March 31. Upon completion, which is expected to occur on or before May 1, Old Point National Bank will become the sole member of the mortgage firm.

On Sept. 10, 2007, Old Point National Bank and Tidewater Mortgage agreed to jointly own Old Point Mortgage, with Tidewater owning 51% and Old Point National Bank owning 49% of the mortgage firm.

Old Point National Bank is a unit of Old Point Financial Corp.