C&F Financial Corporation Announces Stock Repurchase.WEST POINT, Va.--(BUSINESS WIRE)--March 1, 1999--(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 board of directors of C&F Financial Corporation recently approved the repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. of up to 250,000 shares of Company common stock in blocks of 10,000 shares or higher at a price of $20.00 per share or less. Acquisitions at this price must be completed prior to the Company's announced dividend record date of March 15, 1999. Management has discussed possible purchases with several large shareholders who previously indicated to management a willingness to sell stock. Management believes it has agreements to buy 235,000 shares from six shareholders by March 12, 1999. A transaction involving 100,000 of those shares (from a trust managed in part by a director of the Company) is subject to approval by the co-trustee co-trustee n. a trustee of a trust when there is more than one trustee serving at the same time, usually with the same powers and obligations. Occasionally a co-trustee may be a temporary fill-in, as when the original trustee is ill but recovers. and the court. If management does not acquire all 250,000 shares from large block holders, it may, at its discretion, purchase shares from the market, with total shares being purchased not to exceed 250,000. The following table shows the Company's capital ratios as of December 31, 1998 and the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma ratios as of December 31, 1998, assuming the repurchase of 250,000 shares at $20.00 per share: -0-
Well
Pro Forma Capitalized
December 31,1998 December 31,1998 Minimum
Total Capital
(to risk weighted assets) 13.4% 11.6% 10.0%
Tier 1 Capital
(to risk weighted assets) 12.5 10.6 6.0
Tier 1 Capital
(to average assets) 11.5 9.8 5.0
As shown in the table above, the Company still will be well-capitalized, as defined under applicable bank holding company regulations, after completing the repurchase, and management believes the Company will have ample capital and liquidity to meet foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. needs. C&F Financial Corporation operates nine 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. The Company provides mortgage and title services through C&F Mortgage Corporation's eight offices. C&F Investment Services, Inc. provides a comprehensive range of investment services. |
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