C&F Financial (CFFI) in West Point, Va., has repurchased all the shares it issued to the Treasury Department in 2009 and now just needs to buy back its warrant to exit the Troubled Asset Relief Program.
The $928 million-asset parent of Citizens and Farmers Bank issued 20,000 shares to the Treasury at the height of the financial crisis and received $20 million in return. It bought back half the shares last summer and repurchased the rest this week, C&F said in a news release Thursday.
C&F said it repaid Tarp with cash on hand. The company reported a record $13 million profit last year and its capital ratios are comfortably above well-capitalized levels.
The company said it is in negotiations to repurchase a warrant for 167,000 of its shares it issued to the Treasury as part of the program and it hopes to complete that transaction this quarter. It said that repurchasing the warrant would have no impact on its second-quarter financial results.
C&F's shares were up 1% midday Thursday, to $28.99.