Virginia-based Citizens and Farmers Bank sells purchased credit-impaired loans

Virginia-based Citizens and Farmers Bank on Dec. 18, 2020, completed a transaction to sell a pool of purchased credit-impaired loans and recognized a gain of $3.5 million.

On Dec. 23, 2020, the C&F Financial Corp. unit used available cash to complete voluntary early repayments of $37.0 million of convertible advances borrowed from the Federal Home Loan Bank of Atlanta and incurred early repayment charges of $2.1 million.

C&F Financial expects the two transactions to result in interest expense savings of approximately $780,000 per year beginning in 2021.