C&F Financial Corporation (C&F) on Tuesday, August 13, announced an agreement to acquire Peoples Bankshares Incorporated and its subsidiary Peoples Community Bank for stock and cash valued at approximately $21.4 million.
C&F, parent of Citizens and Farmers Bank, will enter the counties of Westmoreland, King George, Richmond and Stafford via the merger. At June 30, Peoples had $194 million in total assets.
Founded in 1913, Peoples serves individuals and small businesses in the Northern Neck, Middle Peninsula and the cities of Fredericksburg and Richmond.
“Both of our banks have a similar background of dedication to….