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.
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A large investor in Old Point Financial is looking to gain a seat on the Hampton, Va., companys board.
January 4 -
Old Point Financial in Hampton, Va., has selected its chairman's son as chief executive of Old Point National Bank of Phoebus.
September 11
PL Capital Group, which owns 6.1% of Old Point, had submitted Keefe as a
"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.