Old Point (OPOF) Announces Joint Venture Agreement with Tidewater Mortgage Services

September 11, 2007 3:46 PM EDT

In Today's 8-K Filing From Old Point Financial (Nasdaq: OPOF) On September 10, 2007 Old Point National Bank, a wholly owned subsidiary of Old Point Financial Corporation, entered into a joint venture agreement with Tidewater Mortgage Services, Inc. to provide mortgage origination services. Under terms of the agreement, the joint venture will be called Old Point Mortgage, LLC and will be headquartered in Hampton. Old Point National Bank will own 49% of Old Point Mortgage, LLC. Tidewater Mortgage Services, Inc. will own 51% of Old Point Mortgage, LLC and be the managing member.

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