C & F FINANCIAL CORP

The Corporation operates as a financial holding company, owning Citizens and Farmers Bank (C&F Bank), an independent commercial bank chartered in Virginia that began operations as Farmers and Mechanics Bank on January 22, 1927. C&F Bank has five wholly-owned Virginia-incorporated subsidiaries: C&F Mortgage Corporation, C&F Finance Company, C&F Wealth Management Corporation, C&F Insurance Services, Inc., and CVB Title Services, Inc. The Corporation operates through three principal business segments. The first is community banking, provided through C&F Bank, C&F Wealth Management Corporation, C&F Insurance Services, Inc., and CVB Title Services, Inc. The second segment is mortgage banking, conducted through C&F Mortgage Corporation. The third segment is consumer finance, managed by C&F Finance Company. The Corporation also owns three non-operating, unconsolidated subsidiaries: C&F Financial Statutory Trust II (formed December 2007), C&F Financial Statutory Trust I (formed July 2005), and Central Virginia Bankshares Statutory Trust I (formed December 2003). These trusts issued $10.0 million each for Trust II and Trust I, and $5.0 million for CVBK Trust I, in trust preferred capital securities through private placements. The principal assets of these trusts are $10.3 million each for Trust II and Trust I, and $5.2 million for CVBK Trust I, in the Corporation's junior subordinated debt securities.