C&F Financial Corporation Announces Partial Redemption of Preferred Stock Issued Under Capital Purchase Program

C&F Financial Corporation CFFI today announced that it has redeemed $10 million, or 50%, of the $20 million of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A issued to the United States Department of the Treasury in January 2009 under the Capital Purchase Program ("CPP"). The redemption, which took place today, consisted of $10 million in liquidation value and $100,000 of accrued and unpaid dividends associated with the preferred stock. The funds for this redemption were provided by existing financial resources of the Corporation; therefore, there is no dilution to the Corporation's common shareholders resulting from this redemption because no new capital was issued.