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C&F completes deal for Central Va. Bank

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Posted: Wednesday, October 2, 2013 12:00 am | Updated: 4:55 pm, Tue Jul 22, 2014.

West Point-based C&F Financial Corp., the one-bank holding company for Citizens and Farmers Bank, said Tuesday that it has completed its acquisition of Powhatan County-based Central Virginia Bankshares Inc., the one-bank holding company for Central Virginia Bank.

Central Virginia Bank shareholders will receive 32 cents for each share of common stock they own, or about $853,000 in the aggregate.

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Also, C&F purchased from the U.S. Treasury, for $3.35 million, all of Central Virginia’s preferred stock and warrants issued to the Treasury under the Capital Purchase Program. Central Virginia’s stock symbol, CVBK, was retired effective Tuesday.

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