United States

Profile: C&F Financial Corp (CFFI.O)

CFFI.O on Nasdaq

26 May 2017
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C&F Financial Corporation, incorporated on July 20, 1993, is a bank holding company. The Company owns and operates through its subsidiary, Citizens and Farmers Bank (the Bank or C&F Bank), which is an independent commercial bank. The Company's segments include Retail Banking, Mortgage Banking, Consumer Finance and Other. Its Other segment includes a full-service brokerage firm. The Bank's subsidiaries include C&F Mortgage Corporation and its subsidiaries Certified Appraisals LLC and Lender Solutions LLC; C&F Finance Company and its subsidiary C&F Remarketing LLC; C&F Wealth Management Corporation; C&F Insurance Services, Inc., and CVB Title Services, Inc. The Company conducts brokerage activities through C&F Wealth Management Corporation, insurance activities through C&F Insurance Services, Inc. and title insurance services through CVB Title Services, Inc. The Company also owns three non-operating subsidiaries, C&F Financial Statutory Trust II (Trust II), C&F Financial Statutory Trust I (Trust I), and Central Virginia Bankshares Statutory Trust I (CVBK Trust I).

The Company's investment portfolio consists of securities available for sale. The Company's total securities amount to approximately $214.10 million. The Company's deposits are principally provided by individuals and businesses located within the communities served. Its total deposits amount to approximately $1.04 billion.

Retail Banking

The Company provides retail banking services through C&F Bank. The Company provides retail banking services at its main office in West Point, Virginia, and 24 Virginia branches located over one each in Cartersville, Chester, Cumberland, Hampton, Mechanicsville, Newport News, Norge, Powhatan, Providence Forge, Quinton, Saluda, Sandston, West Point and Yorktown, over two in Williamsburg, approximately four in Richmond and over four in Midlothian. These branches provide a range of banking services to individuals and businesses. Its services include various types of checking and savings deposit accounts, as well as business, real estate, development, mortgage, home equity and installment loans. It also offers automated teller machines (ATMs), Internet and mobile banking, and debit and credit cards, as well as safe deposit box rentals, collection, notary public, electronic transfer and other customary bank services to its customers.

Through the Retail Banking segment, the Company engages in a range of lending activities, which include the origination of one- to four-family and multi-family residential mortgage loans, commercial real estate loans, construction loans, land acquisition and development loans, consumer loans and commercial business loans. The Retail Banking segment originates residential mortgage loans secured by first and second liens on properties located in its primary market area in southeastern and central Virginia. It offers various types of residential first mortgage loans in addition to traditional long-term, fixed-rate loans. The Retail Banking segment has a real estate construction lending program. It makes loans primarily for the construction of one- to four-family residences and multi-family dwellings. It also makes construction loans for office and warehouse facilities and other nonresidential projects, generally limited to borrowers that present other business opportunities for the Retail Banking segment.

The Company's Retail Banking segment makes land acquisition and development loans to builders and developers for acquiring unimproved land to be developed for residential building sites, residential housing subdivisions, multi-family dwellings and a range of commercial uses. The Retail Banking segment offers builder lines of credit to residential home builders to support their land and lot inventory needs. The Retail Banking segment's commercial business loan products include revolving lines of credit to provide working capital, term loans to finance the purchase of vehicles and equipment, letters of credit to guarantee payment and performance, and other commercial loans. The Retail Banking segment offers its customers home equity lines of credit that enable customers to borrow funds secured by the equity in their homes. The Retail Banking segment offers a range of consumer loans, including automobile, personal secured and unsecured, and loans secured by savings accounts or certificates of deposit. The Consumer Finance segment has an automobile dealer network through which it purchases installment contracts throughout its markets. Its total loans amount to approximately $901.46 million.

Mortgage Banking

The Company engages in residential mortgage lending through the Mortgage Banking segment. The Company conducts mortgage banking activities through C&F Mortgage Corporation (C&F Mortgage). C&F Mortgage provides mortgage loan origination services through approximately 10 locations in Virginia, two in Maryland and two in North Carolina. C&F Mortgage offers a range of residential mortgage loans, which are originated for sale generally to various investors, such as Wells Fargo Home Mortgage; Franklin American Mortgage Company; Penny Mac Corporation, and the Virginia Housing Development Authority (VHDA). C&F Bank may also purchase permanent loans from C&F Mortgage. C&F Mortgage originates conventional mortgage loans, mortgage loans insured by the Federal Housing Administration (the FHA), mortgage loans guaranteed by the United States Department of Agriculture (the USDA) and the Veterans Administration (the VA), and home equity loans. Through its subsidiary, Certified Appraisals LLC, C&F Mortgage provides ancillary mortgage loan origination services for residential appraisals, and through its subsidiary, Lender Solutions LLC, provides certain mortgage origination functions to third parties.

Consumer Finance

The Company engages in non-prime automobile lending through the Consumer Finance segment. The Company conducts consumer finance activities through C&F Finance Company (C&F Finance). C&F Finance is a regional finance company providing automobile loans throughout Virginia and in portions of Alabama, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Missouri, New Hampshire, New Jersey, North Carolina, Ohio, Pennsylvania, Tennessee, Texas and West Virginia through its offices in Richmond and Hampton, Virginia, in Nashville, Tennessee and in Hunt Valley, Maryland. C&F Finance is an indirect lender that provides automobile financing through lending programs that are designed to serve customers in the non-prime market. C&F Finance generally purchases automobile retail installment sales contracts from manufacturer-franchised dealerships with used-car operations and through selected independent dealerships. C&F Finance selects the dealers based on the types of vehicles sold.

Company Address

C&F Financial Corp

Eighth & Main Streets
P O Box 391
WEST POINT   VA   23181
P: +1804.8432360

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