The stock of C&F Financial Corp. of West Point, Va., rose sharply Friday after it announced it was buying back 180,000 - or 5.1% - of its shares at $41 each.
The stock closed at $35.60 on Thursday and was trading at $39.00 late Friday - a 9.6% increase.
President and chief executive Larry G. Dillon said in a news release issued Friday, "We believe that the purchase of our own shares at this time presents an effective way to utilize our current strong capital base and increase value for our shareholders."
The core capital ratio for its one-bank subsidiary, Citizens and Farmers Bank, was 8.77% at the end of the fourth quarter, versus the 9.35% average for banks with assets of $500 million to $1 billion, according to the Federal Deposit Insurance Corp.
