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Subsequent Event | 12 Months Ended
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Dec. 31, 2019
Subsequent Event |
Subsequent Event | NOTE 24: Subsequent Event On January 1, 2020, the Corporation completed the acquisition of Peoples Bankshares, Incorporated (Peoples) and its banking subsidiary Peoples Community Bank for an aggregate purchase price of $22.19 million in cash and stock. The financial position and results of operations of Peoples are not reflected in the Corporation’s financial statements as of December 31, 2019. Immediately prior to closing the acquisition, Peoples Community Bank had five retail bank offices in the Northern Neck region of Virginia, including its main office in Montross. In connection with the transaction, the Corporation paid cash consideration of $10.60 million and issued 209,871 shares of its common stock to the shareholders of Peoples. Upon completion of the transaction, Peoples was merged with and into the Corporation and Peoples Community Bank was merged with and into C&F Bank. The acquisition will be accounted for as a business combination under ASC 805, Business Combinations. Under acquisition accounting, assets acquired and liabilities assumed are recorded at their acquisition date fair values, and any excess of the purchase price over the aggregate fair value of the net assets acquired is recognized as goodwill. At the time the financial statements were issued, the Corporation had not completed its accounting for the acquisition of Peoples, including its determination of the fair values of the assets acquired and liabilities assumed.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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