Old Point Financial in Hampton, Va., has agreed to nominate an activist investor's candidate for its board.
The $897 million-asset Old Point will nominate William Keefe at its annual meetings this year and next year, according to a news release Thursday. He will be eligible to serve on any of the board's committees.
"The addition of Mr. Keefe to the board's slate of director nominees is consistent with our commitment to carefully consider constructive input from our stockholders," Robert Shuford, Old Point's chief executive, said in the release.
PL Capital Group, which owns 6.1% of Old Point, had submitted Keefe as a board nominee in December, saying he should be considered an "audit committee financial expert," as defined by regulatory rules. Keefe is an inactive certified public accountant, licensed in New Jersey. He is currently a senior portfolio manager at TSP Capital Management in Summit, N.J.; Keefe is scheduled to join McCrae Capital Management in Morristown, N.J., on April 1 as managing director.
"We appreciate Old Point's approach and the collaborative solutions agreed to by all parties," Richard Lashley, principal at PL Capital, said in Thursday's release.
Vinson & Elkins and Troutman Sanders were legal counsel to Old Point on the agreement. Foley & Lardner was legal counsel to PL Capital.