Note 12: Proposed Business Combination

6 Months Ended

Jun. 30, 2013

Business Combinations [Abstract]

Business Combination Disclosure [Text Block]

NOTE 12: Proposed Business Combination

On June 10, 2013, the Corporation announced the signing of a definitive merger agreement pursuant to which the Corporation will acquire Central Virginia Bankshares, Inc. (CVB), the one-bank holding company for Central Virginia Bank, in an all-cash transaction valued at $0.32 per common share, or approximately $855 thousand in the aggregate. In addition, C&F will redeem for $3.35 million all of CVB's preferred stock and warrants issued to the U.S. Treasury under the Capital Purchase Program, which totaled $13.24 million including unpaid dividends as of March 31, 2013. After the acquisition of CVB, the combined company's total assets will approximate $1.35 billion and total deposits will approximate $1.0 billion. The merger agreement has been unanimously approved by the boards of directors of both companies. The transaction is expected to close in the fourth quarter of 2013, pending regulatory approvals, the approval of CVB's shareholders and other customary closing conditions.