Item 7.01 Regulation FD Disclosure

In his prepared remarks for the annual meeting of C&F Financial Corporation to be held on April 21, 2009 at 3:30 p.m., Larry G. Dillon, President and Chief Executive Officer, plans to state the following regarding the Company's dividend policy, "Our dividend payout ratio, which is the percentage of earnings that is paid out in dividends each year, has shot up as our earnings have declined the last two years. A typical payout ratio should be in the 30% - 40% range. Until we are able to return to more normal earnings levels, keeping our dividend at its current rate adds very little back to our capital, thereby limiting how fast we can grow. This could very well be the deciding factor in whether we have to reduce our dividend, which in all honesty, looks like a real possibility."

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this report that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of these risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission.

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