C&F Financial Corporation Announces New Director.

Business Editors

WEST POINT, Va.--(BUSINESS WIRE)--Aug. 29, 2002

C&F Financial Corporation (Nasdaq: CFFI), the one-bank holding company for Citizens and Farmers Bank, announced that Charles Elis Olsson has been elected to serve on the Board of Directors for Citizens and Farmers Bank.

Mr. Olsson, a commercial pilot, is currently employed by Martinair, Inc. of Richmond, Virginia. A graduate of the University of Virginia and the Haas Graduate School of Business, University of California, Mr. Olsson also serves as President of Bay Aviation, LLC, a West Point based aviation company. He is a current board member for the Middle Peninsula Airport and is President of the Elis Olsson Memorial Foundation. An active member in the West Point community, Mr. Olsson serves as a member of the St. John's Episcopal Church Stewardship Committee. He and his wife, Dudley, and their two children reside in West Point, Virginia.

C&F Financial Corporation operates ten retail bank branches located throughout the Williamsburg to Richmond corridor in Virginia through its Citizens and Farmers Bank subsidiary. Citizens and Commerce Bank, which operates two branches as a division of Citizens and Farmers Bank, is a retail bank serving the Richmond market specializing in consumer and small business services. The company provides mortgage and title services through C&F Mortgage Corporation's ten offices and offers full investment services though its subsidiary C&F Investment Services, Inc.