Profile: C&F Financial Corp (CFFI.O)
5 Dec 2013
C&F Financial Corporation, incorporated on July 20, 1993, is a bank holding company. The Company owns, Citizens and Farmers Bank (C&F Bank or the Bank), which is a commercial bank. The Bank has five wholly owned subsidiaries: C&F Mortgage Corporation and its wholly owned subsidiaries Hometown Settlement Services LLC and Certified Appraisals LLC; C&F Finance Company; C&F Investment Services, Inc.; C&F Insurance Services, Inc. and C&F Title Agency, Inc. The Company operates in three business activities: retail banking through C&F Bank; mortgage banking through C&F Mortgage Corporation (C&F Mortgage), and consumer finance through C&F Finance Company (C&F Finance). The Company also owns two non-operating subsidiaries: C&F Financial Statutory Trust II (Trust II) and C&F Financial Statutory Trust I (Trust I). In October 2013, C&F Financial Corporation completed its acquisition of Central Virginia Bankshares, Inc.
The Company provide retail banking services at the Bank’s main office in West Point, Virginia, and 17 Virginia branches located one each in Chester, Hampton, Mechanicsville, Midlothian, Newport News, Norge, Providence Forge, Quinton, Saluda, Sandston, Varina, West Point and Yorktown, and two each in Williamsburg and Richmond. These branches provide a wide range of banking services to individuals and businesses. These services include various types of checking and savings deposit accounts, as well as business, real estate, development, mortgage, home equity and installment loans. The Bank also offers automated teller machines (ATMs), Internet banking and credit cards, as well as travelers’ checks, safe deposit box rentals, collection, notary public, wire service and other customary bank services to its customers. Revenues from retail banking operations consist primarily of interest earned on loans and investment securities and fees related to deposit services. As of December 31, 2012, assets of the Retail Banking segment totaled $813.8 million.
The Company conduct mortgage banking activities through C&F Mortgage. C&F Mortgage provides mortgage loan origination services through 13 locations in Virginia, three in Maryland, one each in Wilmington, Delaware; Moorestown, New Jersey; Gastonia, North Carolina, and York, Pennsylvania. The Virginia offices are located one each in Charlottesville, Chester, Fishersville, Fredericksburg, Glen Allen, Hanover, Harrisonburg, Lynchburg, Newport News, Roanoke and Williamsburg, and two in Midlothian. The Maryland offices are located in Annapolis, Ellicott City and Waldorf. C&F Mortgage offers a variety of residential mortgage loans, which are originated for sale generally to the investors, including Wells Fargo Home Mortgage; Franklin American Mortgage Company; US Bank Home Mortgage; and the Virginia Housing Development Authority. C&F Mortgage does not securitize loans.
The Bank purchases lot and permanent loans from C&F Mortgage. C&F Mortgage originates mortgage loans, mortgage loans insured by the Federal Housing Administration (the FHA), mortgage loans partially guaranteed by the Veterans Administration (the VA) and home equity loans. Through its subsidiaries, C&F Mortgage also provides ancillary mortgage loan origination services for loan settlement and residential appraisals. Revenues from mortgage banking operations consist principally of gains on sales of loans to investors in the secondary mortgage market, loan origination fee income and interest earned on mortgage loans held for sale. As of December 31, 2012, assets of the Mortgage Banking segment totaled $87.0 million.
The Company conducts consumer finance activities through C&F Finance. C&F Finance is a regional finance company providing automobile loans throughout Virginia and in portions of Alabama, Indiana, Kentucky, Maryland, North Carolina, Ohio, Tennessee, Georgia and West Virginia through its offices in Richmond and Hampton, Virginia, in Nashville, Tennessee and in Towson, Maryland. C&F Finance generally purchases automobile retail installment sales contracts from manufacturer-franchised dealerships with used-car operations and through selected independent dealerships. &F Finance selects these dealers based on the types of vehicles sold. Specifically, C&F Finance prefers to finance later model, low mileage used vehicles because the initial depreciation on new vehicles is extremely high. C&F Finance's typical borrowers have experienced prior credit difficulties. Because C&F Finance serves customers who are unable to meet the credit standards imposed by traditional automobile financing sources, C&F Finance typically charges interest at higher rates than those charged by traditional financing sources.
C&F Financial Corp
EIGHTH & MAIN STREETS,
P O Box 391
WEST POINT VA 23181