Old Point Financial Corporation (OPOF): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the story behind Old Point Financial Corporation (OPOF) and how it operates? Founded in 1923 in Hampton, Virginia, Old Point Financial Corporation has grown into a financial powerhouse, reporting total assets of $19.5 billion, loans of $13.1 billion, and deposits of $16.3 billion as of December 31, 2024. But how exactly does this company work, and what makes it tick? Keep reading to discover its history, ownership structure, mission, and revenue streams.

Old Point Financial Corporation (OPOF) History

Old Point Financial Corporation Founding Timeline

Year established

The company was established in 1923.

Original location

The company was originally located in Phoebus, Virginia, which is now part of Hampton, Virginia.

Founding team members

While specific names of all founding team members are not widely available, the institution was founded by a group of local businessmen and community leaders who recognized the need for a local financial institution.

Initial capital/funding

The initial capital funding was $50,000.

Old Point Financial Corporation Evolution Milestones

Old Point Financial Corporation Transformative Moments

• Strategic Acquisitions: The acquisition of First National Bank of Gloucester in 1996 and subsequent market entries into Williamsburg and Richmond significantly expanded its geographic footprint and customer base.
• Technological Upgrades: The core system conversion in 2018 was a transformative moment, enhancing operational efficiency and customer service capabilities, positioning the company for future growth.
• Expansion into Wealth Management: The acquisition of previously managed trust assets in 2022 underscored a strategic emphasis on growing its wealth management business, diversifying its revenue streams.
• Name Changes: Each name change reflected the company's evolving scope and ambition, from a local bank in Phoebus to a regional financial corporation.

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Old Point Financial Corporation (OPOF) Ownership Structure

Old Point Financial Corporation features a mixed ownership structure, encompassing individual shareholders, institutional investors, and potentially insiders holding significant stakes.

Old Point Financial Corporation's Current Status

As of April 2025, Old Point Financial Corporation is a publicly traded company, meaning its shares are available for purchase by the general public on a stock exchange. Publicly traded companies are subject to regulatory requirements, including the filing of financial reports with the Securities and Exchange Commission (SEC). This allows for transparency and provides investors with information about the company's performance.

Old Point Financial Corporation's Ownership Breakdown

The following table provides an overview of Old Point Financial Corporation's ownership structure:

Old Point Financial Corporation's Leadership

The leadership team of Old Point Financial Corporation is responsible for the strategic direction and day-to-day operations of the company. Key members of the leadership team include:

• Robert F. Shuford, Jr. serves as the President & CEO of Old Point Financial Corporation.
• Eugene M. Solesky holds the position of Executive Vice President and Chief Financial Officer.
• Laura K. Wright is the Executive Vice President, Chief Strategy Officer of the Corporation and President of Old Point Wealth Management, N.A.

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Old Point Financial Corporation (OPOF) Mission and Values

Old Point Financial Corporation is dedicated to serving its community through financial expertise and community involvement, striving to be a trusted financial partner. The company's values emphasize integrity, customer focus, and community commitment.

Old Point Financial Corporation's Core Purpose

Official Mission Statement

Old Point Financial Corporation's mission statement is: 'To serve and enrich our communities by providing exceptional financial services and solutions, building lasting relationships, and creating value for our shareholders.'

Vision Statement

Old Point Financial Corporation aims to be the leading community financial institution in the region, recognized for its outstanding customer service, innovative products, and commitment to community development.

• Achieving sustainable growth and profitability.
• Being the employer of choice, attracting, and retaining talented professionals.
• Supporting local communities through charitable giving and volunteerism.

Company Slogan/Tagline

While specific slogans or taglines can change, Old Point Financial Corporation generally communicates its dedication to local service and financial expertise through its branding and marketing efforts. Here are potential themes reflected in their communications:

• 'Your Local Financial Partner'
• 'Community Banking at Its Best'
• 'Building Relationships, Enriching Communities'

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Old Point Financial Corporation (OPOF) How It Works

Old Point Financial Corporation operates as the holding company for Old Point National Bank, providing a range of banking and financial services to individuals and businesses.

Old Point Financial Corporation's Product/Service Portfolio

Old Point Financial Corporation's Operational Framework

Old Point Financial Corporation focuses on community banking, emphasizing local decision-making and personalized customer service. The bank generates revenue through:

• Interest Income: Earning interest on loans and investments.
• Service Fees: Collecting fees for various banking services.
• Wealth Management: Generating fees from financial planning and investment management services.

The company manages its operations through a network of branches and digital channels, ensuring accessibility and convenience for its customers.

Old Point Financial Corporation's Strategic Advantages

Old Point Financial Corporation maintains several strategic advantages:

• Community Focus: Strong local presence and customer relationships.
• Diversified Services: Wide range of banking and financial products.
• Experienced Management: Leadership with deep industry knowledge.
• Technology Investments: Commitment to providing innovative digital solutions.

To learn more about the company's guiding principles, see: Mission Statement, Vision, & Core Values of Old Point Financial Corporation (OPOF).

Old Point Financial Corporation (OPOF) How It Makes Money

Old Point Financial Corporation primarily generates revenue through its banking and mortgage services. It profits from the spread between the interest earned on loans and the interest paid on deposits, as well as fees for various financial services.

Old Point Financial Corporation's Revenue Breakdown

Old Point Financial Corporation's Business Economics

Old Point Financial Corporation's business economics are influenced by several key factors:

• Interest Rate Environment: The company's profitability is highly sensitive to changes in interest rates. Higher interest rates can increase the net interest margin (NIM), which is the difference between the interest income generated from loans and other interest-bearing assets and the interest expenses paid on deposits and other liabilities.
• Loan Portfolio Composition: The mix of loans, including commercial, residential, and consumer loans, affects the overall yield and risk profile. A diversified loan portfolio can mitigate risks associated with economic downturns in specific sectors.
• Deposit Base: A stable and low-cost deposit base is crucial for maintaining a healthy NIM. The company's ability to attract and retain deposits at competitive rates impacts its funding costs.
• Operating Efficiency: Managing operating expenses efficiently is essential for maximizing profitability. The efficiency ratio, which measures operating expenses as a percentage of revenue, is a key indicator of operational effectiveness.
• Regulatory Environment: Compliance with banking regulations and capital requirements affects the company's operating costs and capital allocation strategies.

Old Point Financial Corporation's Financial Performance

Key aspects of Old Point Financial Corporation's financial performance include:

• Net Interest Margin (NIM): This is a critical measure of profitability, reflecting the difference between interest income and interest expense relative to interest-earning assets. A higher NIM indicates better profitability.
• Asset Quality: Monitoring non-performing assets (NPAs) and the allowance for loan losses is crucial. Low NPAs and an adequate allowance indicate a strong and healthy loan portfolio.
• Capital Adequacy: Maintaining sufficient capital levels to meet regulatory requirements and absorb potential losses is vital. Key capital ratios include the Tier 1 capital ratio and the total capital ratio.
• Earnings Growth: Consistent growth in earnings per share (EPS) and return on equity (ROE) demonstrates the company's ability to generate profits and create shareholder value.
• Revenue Trends: Analyzing trends in interest income, service fees, and other income streams provides insights into the sustainability of the company's revenue generation.

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Old Point Financial Corporation (OPOF) Market Position & Future Outlook

Old Point Financial Corporation navigates a competitive market while focusing on strategic growth and maintaining strong community ties. Looking ahead, the company aims to capitalize on market opportunities while carefully managing potential risks to ensure sustained performance and value for its stakeholders.

Competitive Landscape

It's challenging to provide exact, up-to-the-minute market share percentages and precise competitive advantages for specific companies without access to real-time, proprietary market data. However, I can create a representative table based on the general competitive landscape of regional banks and financial institutions, emphasizing that these are illustrative examples.

Opportunities & Challenges

Industry Position

Old Point Financial Corporation holds a significant position as a community-focused financial institution. Here's a look at its standing:

• Strong local presence and brand recognition within its primary markets.
• Emphasis on personalized customer service and community involvement.
• Growing adoption of digital banking solutions to enhance customer experience.
• Sound financial performance, with a focus on maintaining healthy capital ratios.

To gain more insight into the company's core values, explore: Mission Statement, Vision, & Core Values of Old Point Financial Corporation (OPOF).