C&F completes acquisition of CVB

C&F Financial Corporation and Central Virginia Banks have announced the completion of the acquisition of Central Virginia Bankshares Inc.

C&F acquired CVB in an all-cash transaction valued at $0.32 per common share, or approximately $853,00 in aggregate. Additionally, C&F redeemed $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 are $1.4 billion.

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