Amid dissatisfaction with the VFC operations in 1954, by act of the Virginia General Assembly, the Chesapeake Bay Ferry District (CBFD) and a related oversight commission were created, initially with the hopes of improving the ferry service. However, the governmental agency was soon authorized to sell toll revenue bonds, acquire the still-operating private Little Creek Ferry and improve existing ferry service. The VFC was sold and its five operating ferries to the Chesapeake Bay Ferry District for $13 million on May 17, 1956.