C&F Financial Corporation Completes Merger of Subsidiary Banks

WEST POINT, Va. and POWHATAN, Va., March 24, 2014 /PRNewswire/ -- C&F Financial Corporation (C&F) (NASDAQ: CFFI), the holding company for Citizens and Farmers Bank (or C&F Bank), today announced the completion of the merger of its subsidiary banks, C&F Bank and Central Virginia Bank (CVB), which became effective March 22, 2014.  CVB was merged into C&F Bank, with C&F Bank continuing as the sole bank subsidiary of C&F.  In addition to the bank merger, Central Virginia Bankshares, Inc. (CVBK) was merged into C&F, with C&F surviving, and CVBK's and CVB's written agreement with the Federal Reserve Bank of Richmond and the Virginia Bureau of Financial Institutions was terminated.

With the completion of the merger, C&F Bank has over $1.3 billion in total assets with 25 full service banking offices that reach from Powhatan County through the Richmond Metropolitan area and along Interstate 64 to Hampton.

"We have been extremely pleased by the reception we've received from our CVB customers and employees, as well as many members of the communities CVB has served with distinction for so many years," remarked Larry G. Dillon, Chairman, President and CEO of C&F and C&F Bank. "The completion of this consolidation will further enable us to do what we do best, and that's help businesses and individuals achieve their financial goals. We look forward to growing mutually beneficial relationships for many years to come."

About C&F

C&F is the parent of C&F Bank, which was founded in 1927 in West Point, Virginia, and is one of the oldest independent community banking organizations headquartered in Virginia. C&F Bank provides full-service banking to the eastern region of Virginia with 25 branch locations including the counties of Powhatan, Chesterfield, Cumberland, Middlesex, James City, New Kent, Hanover and Henrico, as well as the town of West Point and the cities of Williamsburg, Newport News, Hampton, and Richmond.

C&F offers full investment services through its subsidiary C&F Investment Services, Inc. C&F Mortgage Corporation provides mortgage, title and appraisal services through 16 offices located in Virginia, Maryland and North Carolina. C&F Finance Company purchases automobile loans in Virginia, Tennessee, Maryland, North Carolina, Georgia, Florida, Ohio, Kentucky, Indiana, Alabama, Missouri, Illinois, Texas and West Virginia through its offices in Virginia, Tennessee and Maryland.

Additional information is available on C&F's website at www.cffc.com.

Forward-Looking Statements

Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. Forward-looking statements are statements that include expectations, outcomes or beliefs about events or results or otherwise are not statements of historical facts, including, without limitation, statements relating to future services to be offered by C&F. These forward-looking statements are based on the beliefs of C&F's management, as well as assumptions made by, and information currently available to C&F's management. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual future results and trends may differ materially from historical results or those anticipated depending on a variety of factors, including but not limited to, a failure of the combined companies to achieve the operations and results, including cost savings, expected after the merger. Readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this press release.

SOURCE C&F Financial Corporation