Appointment of New Chief Financial Officer

On October 21, 2019, Old Point Financial Corporation (the “Company”) announced that the Company’s Board of Directors appointed Mrs. Elizabeth T. Beale, age 47, to the position of Chief Financial Officer and Senior Vice President of the Company and Chief Financial Officer and Executive Vice President of The Old Point National Bank of Phoebus (the “Bank”) effective October 15, 2019. She will also serve as the Company’s Principal Financial and Accounting Officer.

Mrs. Beale has served as Interim Chief Financial Officer of the Company and Interim Principal Financial and Accounting Officer of the Company since July 2, 2019, and previously as the Bank’s Senior Vice President and Chief Accounting Officer since April, 2018. Prior to joining the Bank, Mrs. Beale served as Chief Financial Officer of Citizens National Bank, Windsor, Virginia from April 2003 until its merger with the Bank in 2018. She began her career in banking with James River Bankshares and has more than 20 years’ experience in banking. She has been a member of the Virginia Bankers Association CFO Committee since 2010 and currently serves as the committee Chair. Mrs. Beale earned her B.S. in accounting from Elon University and is a certified public accountant.

The material terms of Mrs. Beale’s compensation will include an initial base annual salary of $210,000, subject to annual performance reviews, and participation in the Company’s short- and long-term incentive plans. Mrs. Beale will also be eligible to participate in the Bank’s employee benefit plans and programs on terms offered to similarly situated employees. Mrs. Beale and the Company anticipate entering into an employment agreement.

There are no arrangements or understandings between Mrs. Beale and any other person to which she was appointed, nor are there are any family relationships between Mrs. Beale and any of the Company\’s directors or executive officers. Mrs. Beale does not have any material interest in any transactions, relationships or arrangements with the Company that would require disclosure under Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended.

A copy of the Company’s press release with respect to Mrs. Beale’s appointment is attached as Exhibit 99.1 to this Current Report on Form 8-K.

OLD POINT FINANCIAL CORP Exhibit
EX-99.1 2 ex99_1.htm EXHIBIT 99.1 Exhibit 99.1   OLD POINT ANNOUNCES APPOINTMENT OF ELIZABETH T. BEALE AS CHIEF FINANCIAL OFFICER Hampton,…
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About OLD POINT FINANCIAL CORPORATION (NASDAQ:OPOF)

Old Point Financial Corporation is a holding company that conducts all of its operations through two subsidiaries, The Old Point National Bank of Phoebus (the Bank) and Old Point Trust & Financial Services, N.A. (the Trust). The Company operates in three principal business segments: the Bank, the Trust and the Parent. The Company is the parent company of Trust and the Bank. The Bank is an independent community bank. The Bank had approximately 18 branch offices serving the Hampton Roads localities of Hampton, Newport News, Norfolk, Virginia Beach, Chesapeake, Williamsburg/James City County, York County and Isle of Wight County. The Bank offers a complete line of consumer, mortgage and business banking services, including loan, deposit and cash management services. The Bank offers a range of deposit and loan products to its retail and commercial customers. The Trust is a nationally chartered trust company and is wealth management services provider.