C&F Financial issues $40M 7.5% sub notes due 2035, repurchases $20M 4.875% notes

C & F FINANCIAL CORP

Sold $40M aggregate principal of 7.50% fixed-to-floating subordinated notes due June 30, 2035.
Notes reset to 3-month SOFR + 388.5 bps after June 30, 2030; redeemable at company's option.
Concurrently repurchased $20M of 4.875% subordinated notes due 2030 at 100% of principal plus accrued.
Proceeds to refinance existing sub debt and support general corporate purposes.
Notes structured as Tier 2 capital for regulatory purposes.

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