C&F Financial Corporation, the one-bank holding company for C&F Bank, recently announced it received the approvals needed to proceed with its previously announced acquisition of Peoples Bankshares, Incorporated.
As a result, Peoples was to merge with and into the C&F Financial, and Peoples Community Bank was to merge with and into C&F Bank, on January 1, reported C&F Financial chief financial officer and secretary Jason Long.
The merger was approved by the shareholders of Peoples at their meeting on December 11, 2019, in Montross. C&F Financial also received the approvals of the Federal Reserve Bank of Richmond, the Federal Deposit Insurance Corporation and the State Corporation Commission Bureau of Financial Institutions of the Commonwealth of Virginia.
Upon completion of the transaction, the combined company will have approximately $1.8 billion in assets and 30 offices across central and eastern Virginia.
C&F Bank previously operated 25 retail bank branches and three commercial loan offices throughout the Hampton to Charlottesville corridor in Virginia and offers full investment services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation provides mortgage loan origination services through offices in Virginia, Maryland, North Carolina, South Carolina and West Virginia.
C&F Finance Company provides automobile, boat and recreational vehicle loans through indirect lending programs offered in Alabama, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Texas, Virginia and West Virginia through its offices in Richmond and Hampton, Virginia.
Peoples Community Bank previously operated five retail bank branches in the Northern Neck. As of September 30, 2019, Peoples had $192 million in total assets, $170 million in deposits, and $142 million in gross loans.
