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                           C & F FINANCIAL CORPORATION
                                  P.O. Box 391
                              West Point, VA 23181


PRESS RELEASE -- FOR IMMEDIATE RELEASE

FEBRUARY 20, 1997

CONTACT:          BRAD E. SCHWARTZ
                  (804) 843-2360





                   C&F FINANCIAL CORPORATION DECLARES DIVIDEND


[WEST  POINT] - The  directors  of C&F  Financial  Corporation  declared  a cash
dividend at their February board meeting.  A regular quarterly  dividend of $.16
per share is payable  April 1, 1997, to  shareholders  of record on February 18,
1997.

     The C&F Financial Corporation family of companies includes Citizens and
Farmers Bank, C&F Mortgage Corporation, and C&F Investment Services, Inc. C&F
Financial Corporation common stock is traded on the over-the-counter market.