C&F Financial Corporation Announces Sale of Tappahannock Branch Office.Business Editors WEST POINT, Va.--(BUSINESS WIRE)--Aug. 7, 2001 C&F Financial Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CFFI CFFI Center on Federal Financial Institutions CFFI Common Foreign Function Interface ), the one-bank holding company for Citizens and Farmers Bank of West Point, VA, reported today that it has signed an agreement with Northern Neck State Bank for the sale of its Tappahannock Branch Office. The transaction includes approximately $16.0 million in deposits and $3.0 million in loans. The sale will result in a gain based on the amount of deposits held by the branch at the date of closing which is expected by the end October 2001 subject to regulatory approval. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Larry Dillon stated, "Our decision to sell was made with our long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. branching and operations strategy in mind. Geographically, we are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. our future growth in the I-64 corridor; primarily the Williamsburg and Richmond markets, including all areas in between." C&F Financial Corporation operates ten retail bank branches located throughout the Williamsburg to Richmond corridor in Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). through its Citizens and Farmers Bank subsidiary (nine subsequent to the sale). Citizens & Commerce Bank, which operates as a division of Citizens and Farmers Bank, opened its first branch in November of 1999 in the Richmond market and specializes in consumer and small business services. The Company provides mortgage and title services through C&F Mortgage Company's eleven offices and offers full brokerage services through its subsidiary C&F Investment Services, Inc. |
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