For Immediate Release
                            C&F FINANCIAL CORPORATION

Thursday, March 29, 2000

Contact:      Thomas Cherry, Senior Vice President & Chief Financial Officer
              (804) 843-2360


                    C&F Financial Announces Stock Repurchase

West  Point,  VA --  (NASDAQ:CFFI)  The  board  of  directors  of C&F  Financial
Corporation,  the one bank holding  company for Citizens and Farmers  Bank,  has
authorized  management to buy up to 10% of the  Company's  common stock over the
next twelve  months.  The stock will be purchased  in the open market  and/or by
privately  negotiated  transactions  as  management  and the board of  directors
determines prudent.  Larry Dillon,  Chairman and CEO, stated, " with bank stocks
trading at levels that are at their  lowest in several  years,  we believe  that
buying  back our stock at current  price  levels is a prudent use of our capital
and will benefit our remaining shareholders in the long term. "

         C&F Financial  Corporation  operates ten retail bank  branches  located
throughout  the  Williamsburg  to  Richmond  corridor  in  Virginia  through its
Citizens and Farmers Bank subsidiary. Citizens and Commerce Bank, which operates
as a division of Citizens and Farmers Bank,  opened its first branch on November
15,  1999.  Citizens  and  Commerce  Bank is a retail bank  serving the Richmond
market  specializing in small business  services.  The Company provides mortgage
and  title  services  through  C&F  Mortgage  Corporation's  nine  offices.  C&F
Investment Services, Inc. provides a comprehensive range of investment services.