Brief: C&F Financial Corp Announces Acquisition of Peoples Bankshares Inc

C&F Financial

14/08/2019 01:05

Aug 13 (Reuters) - C&F Financial Corp  CFFI.O :
    * ORATION ANNOUNCES ACQUISITION OF PEOPLES BANKSHARES,
INCORPORATED
    * DEAL FOR STOCK AND CASH VALUED AT APPROXIMATELY $21.4
MILLION
    * COMBINED COMPANY WILL HAVE $1.8 BILLION IN ASSETS AND 30
OFFICES
ACROSS CENTRAL AND EASTERN VIRGINIA.
    * EACH PEOPLES SHAREHOLDER WILL RECEIVE COMBINATION OF
0.5366
SHARES OF C&F COMMON STOCK AND $27.00 IN CASH PER SHARE
    * C&F FINANCIAL - AFTER FULL REALIZATION OF COST SAVINGS, CO
EXPECTS TO ACHIEVE EPS ACCRETION OF NEARLY 10% AND INTERNAL RATE
OF RETURN OF OVER 20%
    * MERGER AGREEMENT HAS BEEN UNANIMOUSLY APPROVED BY EACH OF
BOARDS
OF DIRECTORS OF C&F AND PEOPLES
    * FOLLOWING MERGER, TOM CHERRY WILL REMAIN PRESIDENT & CHIEF
EXECUTIVE OFFICER OF C&F FINANCIAL CORPORATION AND C&F BANK
    * KEEFE, BRUYETTE & WOODS, INC. SERVED AS FINANCIAL ADVISOR
AND
WILLIAMS MULLEN SERVED AS LEGAL COUNSEL TO CO
    * C&F FINANCIAL - SANDLER O'NEILL & PARTNERS SERVED AS
FINANCIAL
ADVISOR AND TROUTMAN SANDERS LLP SERVED AS LEGAL COUNSEL TO
PEOPLES BANKSHARES

Source text for Eikon:  ID:nGNX869dzg 
Further company coverage:  CFFI.O 

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