Old Point Financial Corporation and Morgan Marrow Company Announce Agreement to Establish Old Point Insurance, LLC

PR Newswire

HAMPTON, Va., Jan. 31, 2017 /PRNewswire/ -- Old Point Financial Corporation and Morgan Marrow Company are proud to announce an agreement to establish Old Point Insurance, LLC, a wholly-owned subsidiary of Old Point National Bank. In the marketing and sales agreement, Old Point will drive all marketing and referral efforts, while Morgan Marrow will manage the sales of Old Point Insurance products. Old Point Insurance will offer new and existing customers a full line of industry-specific commercial insurance offerings, including property, liability, group health/life, and workers' compensation. The personal insurance offerings will be just as comprehensive and will include home, flood, automobile, life, and health policies. Old Point Insurance will add a new level of service for Old Point's customers and Morgan Marrow will have the opportunity to expand their business throughout Old Point's customer base.

"Like Morgan Marrow, Old Point is headquartered locally and focuses on the needs of the Hampton Roads community," said Ned Morgan, President, Morgan Marrow Company. "With Old Point Insurance, we now have the opportunity to expand both of our businesses and serve our community at the same time."

Old Point Financial Corporation's Chairman, Robert F. Shuford, Sr. agrees. "Morgan Marrow and Old Point have a long, parallel history of helping the Hampton Roads community and offering exceptional service to our customers. Our visions for the future are very similar, so it makes for a very natural partnership." Morgan Marrow and Old Point's relationship is nearly a century old, explains Shuford, "It's one of the longest lasting customer relationships in the bank. When you've partnered with a business for that many years, it's easy to see the value that they will bring."

Rob Shuford, Jr., President and CEO of Old Point National Bank added this agreement is part of a strategic initiative for the Bank. "Old Point is dedicated to providing a full offering of financial services to our customers in the Hampton Roads community. In addition to establishing Old Point Insurance, our recent agreement to purchase full ownership of Old Point Mortgage illustrates our course for the future."

About Old Point National Bank

Old Point National Bank is a wholly-owned subsidiary of Old Point Financial Corporation with branches throughout Hampton Roads. 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. www.OldPoint.com

About Morgan Marrow

Morgan Marrow is an independently owned and locally operated agency that delivers insurance and risk management solutions. They've served individuals and businesses in Hampton Roads for over a century and are committed to giving clients the best possible products and services. www.MorganMarrow.com

For more information, contact Erin Black, Senior Vice President/Director of Marketing, Old Point National Bank at eblack@oldpoint.com or 757.251.2792.