For Immediate Release
                           C&F FINANCIAL CORPORATION

Tuesday, August 7, 2001

Contact:  Tom Cherry, Senior Vice President & CFO
          (804) 843-2360

                      C&F Financial Corporation Announces
                       Sale of Tappahannock Branch Office


West Point, VA -- C&F Financial Corporation (NASDAQ:CFFI), the one-bank holding
company for Citizens and Farmers Bank of West Point, VA, reported today that it
has signed an agreement with Northern Neck State Bank for the sale of its
Tappahannock Branch Office.  The transaction includes approximately $16.0
million in deposits and $3.0 million in loans. The sale will result in a gain
based on the amount of deposits held by the branch at the date of closing which
is expected by the end October 2001 subject to regulatory approval.  President
and CEO, Larry Dillon stated, "Our decision to sell was made with our long-term
branching and operations strategy in mind.  Geographically, we are looking for
our future growth in the I-64 corridor; primarily the Williamsburg and Richmond
markets, including all areas in between."

     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 (nine subsequent to the sale).  Citizens &
Commerce Bank, which operates as a division of Citizens and Farmers Bank, opened
its first branch in November of 1999 in the Richmond market and specializes in
consumer and small business services.  The Company provides mortgage and title
services through C&F Mortgage Company's eleven offices and offers full brokerage
services through its subsidiary C&F Investment Services, Inc.


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