Activist Investor Aims to Gain Board Seat at Old Point in Va.

A large investor in Old Point Financial is looking to gain a seat on the Hampton, Va., company's board.

PL Capital in Naperville, Ill., sent a letter to the $879 million-asset company's board on Dec. 30 stating its intent to nominate William Keefe for a director's position. Keefe is a senior portfolio manager at TSP Capital Management Group in Summit, N.J., and a former banker.

PL Capital, which owns about 6.1% of Old Point's outstanding stock, stated that Keefe, a certified public accountant, should be considered an "audit committee financial expert" as defined by Nasdaq and Securities and Exchange Commission rules.

Keefe's "extensive experience with, and understanding of, financial, accounting and strategic issues will allow him to provide the board with valuable recommendations and ideas," Richard Lashley, a PL Capital managing member, said in the letter.