C&F Financial Corporation Announces Merger to Close January 1, 2020

Toano, Virginia, UNITED STATES

WEST POINT, Va., Dec. 19, 2019 (GLOBE NEWSWIRE) -- C&F Financial Corporation (the Corporation) (NASDAQ:CFFI), the one-bank holding company for C&F Bank, announced today that it has received the approvals needed to proceed with its previously announced acquisition of Peoples Bankshares, Incorporated (Peoples) (OTC PINK:PBVA).  As a result, Peoples will merge with and into the Coproration, and Peoples Community Bank will merge with and into C&F Bank, on January 1, 2020.  The merger was approved by the shareholders of Peoples at their meeting on December 11, 2019 in Montross, Virginia.  The Corporation has also received the approvals of the Federal Reserve Bank of Richmond, the Federal Deposit Insurance Corporation, and the State Corporation Commission Bureau of Financial Institutions of the Commonwealth of Virginia.