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Jessica Sabbath// October 1, 2013//
The parent company of Citizens and Farmers Bank (C&F Bank) completed its acquisition of Central Virginia Bankshares on Tuesday.
CVB shareholders will receive 32 cents for each share of CVB stock they owned, or about $853,000. C&F, which is based in West Point, also purchased from the U.S. Treasury Central Virginia Bank’s preferred stock and warrants under the Capital Purchase Program for $3.35 million.
The acquisition expands C&F Bank’s reach in the Richmond market.
Following the acquisition, the organizations’ total assets are about $1.4 billion and total deposits are about $1 billion.
C&F also announced that Jim Napier, the previous chairman of Central Virginia Bank’s Board of Directors, will continue survey on that board and has been appointed to the board of directors of C&F Bank. Napier is president of Napier Realtors ERA.
