C&F Financial Corporation Completes Acquisition of Peoples Bankshares, Incorporated

WEST POINT, Va., Jan. 02, 2020 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ:CFFI), the one-bank holding company for C&F Bank, announced today that it has completed the acquisition of Peoples Bankshares, Incorporated (Peoples) effective January 1, 2020 (the holding company merger). Pursuant to the previously announced terms of the holding company merger, Peoples shareholders are entitled to receive 0.5366 shares of the Corporation’s common stock and $27.00 in cash for each share of Peoples common stock.

Immediately following completion of the holding company merger, Peoples Community Bank, the wholly-owned banking subsidiary of Peoples, was merged with and into C&F Bank (the bank merger). The former Peoples Community Bank branches assumed in the bank merger will continue to operate as Peoples Community Bank, a division of C&F Bank, until the systems integration is completed in April 2020.

“We are excited to announce the completion of the merger and to welcome the customers and employees of Peoples Community Bank to C&F,” stated Tom Cherry, President and Chief Executive Officer of the Corporation.  “We are already working to integrate the business and systems of Peoples into C&F and look forward to offering expanded products and services to our new consumer and business customers.”

With the addition of Peoples, the Corporation would have had approximately $1.8 billion in assets, $1.2 billion in total gross loans outstanding and $1.5 billion in total deposits on a combined basis at December 31, 2019.

About C&F Financial Corporation 

C&F Bank operates 30 retail bank branches and three commercial loan offices located throughout the Hampton to Charlottesville corridor and the Northern Neck region in Virginia and offers full investment services through its subsidiary C&F Wealth Management, Inc.  C&F Mortgage Corporation provides mortgage loan origination services through offices located in Virginia, Maryland, North Carolina, South Carolina and West Virginia. C&F Finance Company provides automobile, boat and recreational vehicle loans through indirect lending programs offered in Alabama, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, New Jersey, North Carolina, Ohio,  Pennsylvania, Tennessee, Texas, Virginia and West Virginia through its offices in Richmond and Hampton, Virginia.