Old Point Offers Assistance In Response To Coronavirus

Date : 03/26/2020 @ 8:06PM
Source : PR Newswire (US)
Stock : Old Point Financial Corporation (OPOF)
Quote : 14.5  -0.62 (-4.10%) @ 12:59AM
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Old Point Offers Assistance In Response To Coronavirus

Old Point Financial (NASDAQ:OPOF)
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1 Month : From Mar 2020 to Apr 2020

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HAMPTON, Va., March 26, 2020 /PRNewswire/ -- Old Point National Bank (Old Point) has rolled out numerous measures to offer assistance to their consumer and business clients impacted by the Coronavirus pandemic. Initiatives include emergency lending programs, payment relief, adjusted branch services, improved digital access, employee support, and community support.

"The health and financial well-being of our Old Point family remains our top priority," said Robert F. Shuford, Jr., Chairman, President & CEO. "In addition to ensuring uninterrupted delivery of our services, we hope to ease the financial concerns our clients have during this time. We are standing up relief programs and adjusting operations to serve our customers and protect our employees. Together, we will get through this by taking care of each other."

To support customers facing financial hardship due to the pandemic, effective immediately, Old Point is ready to provide several options, including:

  • Increased daily Old Point debit card spending limits
  • Waived penalties for early CD withdrawals
  • Payment deferrals for mortgages, home equity loans, personal loans, auto loans, and credit cards
  • Up to 90 day interest only terms for emergency business funding
  • Expedited SBA application process for qualified businesses impacted directly or indirectly by the pandemic, including vendors or other external business partners
  • Quick-funded small business loans powered by StreetShares, a veteran-owned small business loan partner. Through this relationship, clients can apply for business loans from $2,000 to $250,000 online and receive funding in as little as 24 hours after credit approval.

Additional Bank efforts include:

  • Moratorium on all new foreclosures
  • Customer service channels have been enhanced to help customers remotely with all questions and concerns
  • Personal customer outreach communications by all relationship managers to encourage conversations and partnerships
  • Continual customer communication through Old Point's website, social media, email, and other digital channels to convey the latest available information
  • Social media efforts focused on spotlighting and supporting local business partners and non-profits

Due to the State of Emergency declared by the U.S. and State Governments, as well as out of an abundance of caution for the safety of our employees and customers, Old Point has limited its branch lobby traffic to appointment only in addition to implementing enhanced deep cleaning efforts. Clients are encouraged to use its drive-thrus, ATMs, night depositories, and online and mobile banking tools for conducting transactions. Old Point's technology capabilities have allowed for many of its employees to work remotely while still delivering services in accordance with compliance and security policies.

For over 95 years, Old Point has been a trusted Hampton Roads community bank. Old Point is prepared to meet the needs of our community and has solutions available to address the specific challenges unfolding as a result of this pandemic. Rob Shuford, Jr. added, "Old Point has been able to quickly pivot and respond to our changing environment. As we emerge from this crisis, Old Point and our community will be poised for even greater success as a result of how well we have adapted and responded to this situation."

To find the most up-to-date information regarding Old Point's response to the Coronavirus pandemic, including additional measures the Bank is taking, please visit our website at OldPoint.com/coronavirus-info. Customers in need of assistance should contact their branch manager, relationship manager, or call Old Point's Customer Service Center at 757.728.1290 to discuss their individual circumstances and the potential solutions available to them. All programs are subject to bank approval, are effective immediately and will continue as needed.

Old Point National Bank is a wholly owned subsidiary of Old Point Financial Corporation (NASDAQ: OPOF) with branches throughout Hampton Roads, VA. It is a full service bank offering a wide range of financial services, from solutions focused on individuals and small businesses to comprehensive commercial services. For additional information, please visit OldPoint.com.

Contact:  Laura Wright, VP/Marketing Director, 757.728.1743 or lwright@oldpoint.com

Old Point Financial Corporation ("OPOF" - Nasdaq) is the parent company of The Old Point National Bank of Phoebus, a locally owned and managed community bank serving all of Hampton Roads and Old Point Trust & Financial Services, N.A., a Hampton Roads wealth management services provider. www.oldpoint.com


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SOURCE Old Point National Bank

Copyright 2020 PR Newswire

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