Toano, Va.-based C&F Financial Corp. on Jan. 1 completed its acquisition of Montross, Va.-based Peoples Bankshares Inc. and its subsidiary, Peoples Community Bank.

Pursuant to the agreement, each Peoples shareholder will receive 0.5366 of a C&F Financial common share and $27.00 in cash for each common share of Peoples Bankshares.

Immediately following completion of the merger, Peoples Community Bank, the wholly owned subsidiary of Peoples Bankshares Inc., was merged with and into Citizens and Farmers Bank, a unit of C&F Financial. The Peoples Community Bank branches will continue to operate as Peoples Community Bank, a division of Citizens and Farmers bank, until full integration is completed in April.

With the deal in place, C&F Financial would have had approximately $1.8 billion in assets, $1.2 billion in total gross loans outstanding and $1.5 billion in total deposits on a combined basis on Dec. 31, 2019, the news release said.