C&F Financial Corp to Acquire Citizens First Bank
Ticker: CFFI · Form: 8-K · Filed: Dec 19, 2024 · CIK: 913341
| Field | Detail |
|---|---|
| Company | C & F Financial Corp (CFFI) |
| Form Type | 8-K |
| Filed Date | Dec 19, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Key Dollar Amounts | $1.00, $5.0 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: acquisition, merger, expansion
Related Tickers: CFFI
TL;DR
C&F Financial is buying Citizens First Bank to grow in Richmond.
AI Summary
C&F Financial Corporation announced on December 17, 2024, that it has entered into a definitive agreement to acquire Citizens First Bank. The transaction is expected to close in the first half of 2025, subject to customary closing conditions and regulatory approvals. This acquisition will expand C&F Financial Corporation's presence in the Richmond, Virginia metropolitan area.
Why It Matters
This acquisition will allow C&F Financial Corporation to expand its market share and customer base in the Richmond, Virginia area, potentially leading to increased revenue and profitability.
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
- Citizens First Bank (company) — Acquired company
- December 17, 2024 (date) — Date of agreement
- first half of 2025 (date) — Expected closing period
- Richmond, Virginia (location) — Geographic focus of acquisition
FAQ
What is the primary purpose of this 8-K filing?
The primary purpose of this 8-K filing is to announce that C&F Financial Corporation has entered into a definitive agreement to acquire Citizens First Bank.
When was the definitive agreement to acquire Citizens First Bank signed?
The definitive agreement to acquire Citizens First Bank was entered into on December 17, 2024.
When is the acquisition of Citizens First Bank expected to close?
The acquisition of Citizens First Bank is expected to close in the first half of 2025.
What are the conditions for the closing of the acquisition?
The closing of the acquisition is subject to customary closing conditions and regulatory approvals.
What is the strategic benefit of this acquisition for C&F Financial Corporation?
The acquisition will expand C&F Financial Corporation's presence in the Richmond, Virginia metropolitan area.
Filing Stats: 523 words · 2 min read · ~2 pages · Grade level 14.1 · Accepted 2024-12-19 13:16:23
Key Financial Figures
- $1.00 — nge on which registered Common Stock, $1.00 par value per share CFFI The NASDAQ
- $5.0 million — ve January 1, 2025, to repurchase up to $5.0 million of the Corporation's common stock throu
Filing Documents
- cffi-20241217x8k.htm (8-K) — 43KB
- 0000913341-24-000057.txt ( ) — 158KB
- cffi-20241217.xsd (EX-101.SCH) — 3KB
- cffi-20241217_lab.xml (EX-101.LAB) — 15KB
- cffi-20241217_pre.xml (EX-101.PRE) — 10KB
- cffi-20241217x8k_htm.xml (XML) — 5KB
01 Other Events
Item 8.01 Other Events On December 17, 2024, the Board of Directors of C&F Financial Corporation (the Corporation) authorized a program, effective January 1, 2025, to repurchase up to $5.0 million of the Corporation's common stock through December 31, 2025. Repurchases under the program may be made through privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and/or Rule 10b-18 under the Securities Exchange Act of 1934, as amended, and shares repurchased will be returned to the status of authorized and unissued shares of common stock. The timing, number and purchase price of shares repurchased under the program, if any, will be determined by management in its discretion and will depend on a number of factors, including the market price of the shares, general market and economic conditions, applicable legal requirements and other conditions, and there is no assurance that the Corporation will purchase any shares under the program. The Corporation's previous share repurchase program will expire on December 31, 2024. 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 19, 2024 By: /s/ Jason E. Long Jason E. Long Chief Financial Officer and Secretary 3