C&F Financial Corp. received the approvals needed to proceed with its acquisition of Virginia-based Peoples Bankshares Inc.
The company received approvals from the Federal Reserve Bank of Richmond, the Federal Deposit Insurance Corp. and the Virginia State Corporation Commission Bureau of Financial Institutions. Peoples Bankshares shareholders approved the merger Dec. 11.
Peoples Bankshares will merge into C&F Financial, while Peoples Community Bank will merge into Citizens and Farmers Bank on Jan. 1, 2020. Upon completion of the deal, the combined company will have about $1.8 billion in assets and 30 offices across central and eastern Virginia, according to a news release.