Attached files
| file | filename |
|---|---|
| EX-99.1 - EXHIBIT 99.1 - OLD POINT FINANCIAL CORP | brhc10026936_ex99-1.htm |
| EX-10.1 - EXHIBIT 10.1 - OLD POINT FINANCIAL CORP | brhc10026936_ex10-1.htm |
| EX-4.1 - EXHIBIT 4.1 - OLD POINT FINANCIAL CORP | brhc10026936_ex4-1.htm |
UNITED STATES
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): July 14, 2021
OLD POINT FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
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Virginia
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000-12896
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54-1265373
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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101 East Queen Street
Hampton, Virginia 23669
(Address of principal executive offices) (Zip Code)
(757)728-1200
(Registrant’s telephone number, including area code)
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $5.00 par value
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OPOF
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The NASDAQ Stock Market LLC
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to
Section 13(a) of the Exchange Act. ☐
| Item 1.01 |
Entry into a Material Definitive Agreement.
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On July 14, 2021, Old Point Financial Corporation (the Company) entered into Subordinated Note Purchase Agreements (collectively, the Purchase Agreement) with certain qualified institutional buyers
and institutional accredited investors pursuant to which the Company sold and issued $30.0 million in aggregate principal amount of 3.50% fixed-to-floating rate subordinated notes due 2031 (the Notes).
The Notes will initially bear interest at 3.50% per annum, beginning July 14, 2021 to but excluding July 15, 2026, payable semi-annually in arrears. From and including July 15, 2026 to but excluding
July 15, 2031, or up to an early redemption date, the interest rate shall reset quarterly to an interest rate per annum equal to the then current three-month SOFR plus 286 basis points, payable quarterly in arrears. Beginning on July 15, 2026 through
maturity, the Notes may be redeemed, at the Company’s option, on any scheduled interest payment date. The Notes will mature on July 15, 2031. The Purchase Agreement contains certain customary representations, warranties and covenants made by the
Company, on the one hand, and the Purchasers, severally and not jointly, on the other hand.
If certain events of default occur, such as the bankruptcy of the Company, the holder of a Note may declare the principal amount of the Note to be due and immediately payable. The Notes will be
unsecured, subordinated obligations of the Company and will rank junior in right of payment to the Company’s existing and future senior indebtedness. The Notes are not convertible into common stock or preferred stock, and are not callable by the
holders.
The Notes have been structured to qualify as Tier 2 capital under bank regulatory guidelines, and the proceeds from the sale of the Notes will be used for general corporate purposes which may
include, without limitation, supporting organic growth and supporting regulatory capital ratios.
The Notes were offered and sold in reliance on the exemptions from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended and Rule 506(b) of Regulation D thereunder.
The foregoing descriptions of the Purchase Agreement and the Notes do not purport to be complete and are qualified in their entirety by reference to the forms of the Purchase Agreement and the Note
which are attached hereto as Exhibits 10.1 and 4.1, respectively, and are incorporated herein by reference.
| Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
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The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
| Item 8.01 |
Other Events.
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On July 15, 2021, the Company issued a press release regarding the offering of Notes. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
| Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit
No.
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Description
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Form of Subordinated Note
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Form of Subordinated Note Purchase Agreement
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Press Release dated July 15, 2021
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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Old Point Financial Corporation
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(Registrant)
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Date: July 16, 2021
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By:
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/s/ Robert F. Shuford, Jr.
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Robert F. Shuford, Jr.
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Chairman of the Board
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President & Chief Executive Officer
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