C&F Financial to Acquire Atlantic Coast Bank
Ticker: CFFI · Form: 8-K · Filed: Dec 4, 2024 · CIK: 913341
| Field | Detail |
|---|---|
| Company | C & F Financial Corp (CFFI) |
| Form Type | 8-K |
| Filed Date | Dec 4, 2024 |
| Risk Level | medium |
| Pages | 1 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.00 |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, expansion
TL;DR
C&F Financial buying Atlantic Coast Bank to expand into Florida, closing Q2 2025.
AI Summary
C&F Financial Corporation announced on December 4, 2024, that it has entered into a definitive agreement to acquire Atlantic Coast Bank. The transaction is expected to close in the second quarter of 2025, subject to customary closing conditions and regulatory approvals. This acquisition will expand C&F Financial Corporation's presence in Florida.
Why It Matters
This acquisition will allow C&F Financial Corporation to expand its market reach into Florida, potentially leading to increased revenue and market share.
Risk Assessment
Risk Level: medium — Acquisitions carry inherent risks, including integration challenges, regulatory hurdles, and potential impacts on financial performance.
Key Players & Entities
- C&F Financial Corporation (company) — Acquiring company
- Atlantic Coast Bank (company) — Target company
- December 4, 2024 (date) — Announcement date
- second quarter of 2025 (date) — Expected closing date
FAQ
What is the primary strategic goal of this acquisition for C&F Financial Corporation?
The primary strategic goal is to expand C&F Financial Corporation's presence into Florida.
When is the acquisition of Atlantic Coast Bank expected to be completed?
The acquisition is expected to close in the second quarter of 2025.
What are the main conditions for the closing of the transaction?
The transaction is subject to customary closing conditions and regulatory approvals.
What is the filing date of this 8-K report?
The filing date of this 8-K report is December 4, 2024.
Which state is C&F Financial Corporation incorporated in?
C&F Financial Corporation is incorporated in Virginia.
Filing Stats: 442 words · 2 min read · ~1 pages · Grade level 12.1 · Accepted 2024-12-04 13:05:44
Key Financial Figures
- $1.00 — nge on which registered Common Stock, $1.00 par value per share CFFI The NASDAQ
Filing Documents
- cffi-20241204x8k.htm (8-K) — 43KB
- 0000913341-24-000052.txt ( ) — 158KB
- cffi-20241204.xsd (EX-101.SCH) — 3KB
- cffi-20241204_lab.xml (EX-101.LAB) — 15KB
- cffi-20241204_pre.xml (EX-101.PRE) — 10KB
- cffi-20241204x8k_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events. On December 4, 2024, C&F Financial Corporation (the Corporation) announced that Bryan McKernon, President and Chief Executive Officer of C&F Mortgage Corporation (C&F Mortgage), intends to retire from his current role, effective December 31, 2024. To facilitate a smooth transition, Mr. McKernon will remain with C&F Mortgage in the role of Executive Vice Chairman of the Board of Directors of C&F Mortgage through the end of 2025. In addition, Mr. McKernon will continue to serve on the Board of Directors of Citizens and Farmers Bank. 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. C&F FINANCIAL CORPORATION (Registrant) Date: December 4, 2024 By: /s/ Jason E. Long Jason E. Long Chief Financial Officer and Secretary 3