Old Point Financial jumps on $203 million buyout deal with TowneBank

Community bank Old Point Financial's shares jump 23.1% to $36.83

Regional lender TowneBank's TOWN.O shares fall 6.5% to $31.70

Virginia-based TowneBank will acquire Old Point Financial in a $203 million deal, the companies say

Deal will boost TowneBank's EPS by about 10%, companies say

Transaction will create a combined bank with $19.5 billion in assets and bolster TOWN's presence in Hampton Roads area

OPOF shareholders can choose to receive either $41 in cash or 1.14 shares of TOWN for each OPOF share

Piper Sandler advised TOWN, while Keefe, Bruyette & Woods advised OPOF