C&F Financial in West Point, Va., has a new president.

The $1.3 billion-asset company said in a press release that Thomas Cherry will succeed Larry Dillon, who will remain chairman and chief executive. The company added that Cherry is expected to eventually succeed Dillon as CEO.

Cherry will remain C&F's chief financial officer until a successor is named.

"I am confident that … Cherry is the right person to assume the role as C&F's President. He has 18 years of experience with C&F where he has served and overseen just about all areas of the company," Dillon said in the release.

Cherry has held leadership posts at C&F since his promotion to corporate secretary in 2002.

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