Industries Banking/Finance

C&F Financial completes merger of subsidiary banks

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West Point-based C&F Financial Corp. has completed the merger of its subsidiary banks, C&F Bank and Central Virginia Bank.

On March 22, Central Virginia Bank was merged into C&F Bank, with C&F Bank continuing as the sole bank subsidiary of C&F Financial. 

The deal, announced in June, was valued at $855,000, 32 cents per common share.

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.

Powhatan County-based Central Virginia Bank had been under written agreement with state and federal regulators to improve its capital levels since June 2010.

With the merger, those agreements have been terminated. C&F also paid $3.35 million owed by Central Virginia Bank to U.S. Treasury, including unpaid dividends, under the Troubled Asset Relief Program (TARP).

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