Central VA shares acquired by C&F

By Community Member | June 20, 2013 11:55 am

C&F Financial Corporation and Central Virginia Banks have jointly announced the signing of a definitive merger agreement.

C&F will acquire CVB in an all-cash transaction valued at $0.32 per common share, or approximately $855,00 in aggregate. Additionally, C&F will redeem $3.35 million of all preferred stock and warrants issued to the U.S. Treasury under the Capital Purchase Program, which totaled $13.24 million as of March 21. After acquisition of CVB, the combined company’s assets will be approximate $1.35 billion.

C&F is the one-bank holding company for Citizens and Farmers Bank.