Final changes have been made at two recently merged Virginia banks, allowing them to begin operating as one. In late March, C&F Financial Corp., the holding company for C&F Bank, announced that Central Virginia Bank will now begin operating as C&F Bank. Central Virginia Bank was acquired in October 2013, but the banks operated separately until March, according to company officials. The completion of the merger adds seven branches to the C&F operations for a total of 25.
Central Virginia Bank had been under pressure to improve its financial condition and was operating under an agreement with federal and state regulators, which will be terminated as a result of the merger. The bank had previously cut staff and outsourced some of its operations in order to save money. Most of the 80 Central Virginia Bank employees will be retained, according to bank officials, although some left on their own. At least one senior official at CVB will transition over to C&F Bank.
As a result of the completed merger, C&F Bank will have over $1.3 billion in total assets and will operate branches in the general areas of Powhatan and Richmond, as well as along portions of Interstate 64. Bank officials say they are pleased with the reception they have received from former CVB customers. C&F Bank is owned by C&F Financial Corp which was founded in West Point in 1927, making it one of the oldest banks of its kind in Virginia.
Many commercial business transactions are complex, especially if they are subject to federal and state oversight, as was the case in the bank merger. Companies that rely on various agreements and contracts may want to consider using the services of an attorney to make sure their business interests are protected.
Source: Times Dispatch, "Central Virginia Bank merged into C&F Bank", Carol Hazard, March 25, 2014