The North Carolina and Virginia Railroad was founded in November 1987, when shortline holding company RailTex purchased from CSX Transportation 52 miles (84 km) of former Seaboard Coast Line Railroad trackage between Boykins, Virginia and Tunis in Cofield, North Carolina.

[1][2] As part of the purchase, CSX sold two EMD GP9 locomotives to the NCVA, though by 1988 only one, built in 1957, was used for train operations.

[1] The company started out with six employees and headquarters in Ahoskie, North Carolina.

[1][2] A significant customer for the railroad is a Nucor steel mill in Hertford, which the state of North Carolina asserted chose its location because service was available from the NCVA.

[3] The NCVA is a subsidiary of the Genesee & Wyoming and was previously owned by RailAmerica.