On July 27, 2011, C&F Financial Corporation (the “Corporation”) entered into a letter agreement, including Schedule A thereto (the “Letter Agreement”), with the United States Department of the Treasury (“Treasury”), pursuant to which the Corporation redeemed 50%, or 10,000 shares, of the 20,000 shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the “Preferred Stock”) issued to Treasury on January 9, 2009 under the Capital Purchase Program. In connection with this partial redemption, on July 27, 2011, the Corporation paid Treasury $10 million in liquidation value and $100,000 of accrued and unpaid dividends associated with the 10,000 shares of redeemed Preferred Stock.
A copy of the Letter Agreement is attached as Exhibit 10.27 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01. The foregoing summary of the Letter Agreement is qualified in its entirety by reference thereto.
Item 8.01 Other Events.
On July 27, 2011, the Corporation issued a news release announcing the redemption of the 10,000 shares of Preferred Stock as further described above. A copy of the Corporation’s news release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 8.01.
Item 9.01 Financial Statements and Exhibits.