Carter Bankshares, Inc. reports news as the financial holding company for Carter Bank, a community bank offering deposit accounts, commercial and consumer loans, mortgage lending, and home equity lines of credit. Updates commonly cover earnings, net interest income, portfolio loan trends, credit quality, and nonperforming loan levels.
Company announcements also include product launches such as youth savings and checking accounts, market expansion across Virginia and the Carolinas, cash dividends, leadership and talent matters, regulatory status, and completed asset transactions that affect the bank’s balance sheet and loan portfolio.
Carter Bankshares, Inc. (NASDAQ:CARE) has announced the sale of its Waynesboro, VA branch to F&M Bank Corp. This agreement aligns with Carter Bank's ongoing reorganization and network optimization strategy. CEO Litz Van Dyke stated that the sale will enhance their ability to invest in new markets while efficiently serving core areas. Regulatory approvals are pending, with completion expected in the second quarter of 2021. The move will retain existing customers and employees, ensuring continuity of service.
Carter Bankshares (NASDAQ:CARE) has announced the sale of three branches of Carter Bank & Trust to Pendleton Community Bank, expanding Pendleton's footprint in Virginia's Shenandoah Valley.
The transaction, aimed at realigning Carter's branch network to better serve core markets, is expected to conclude in Q2 2021, pending regulatory approvals. Carter Bank & Trust operates with $4.1 billion in assets, while Pendleton Community Bank holds $515 million. Both banks emphasize a commitment to community service and customer care throughout this transition.
Carter Bankshares, Inc. (NASDAQ: CARE) announced the completion of its statutory merger with Carter Bank & Trust, effective November 20, 2020. Following the reorganization, each share of the Bank's common stock converted to a share of the Company’s common stock at a one-for-one exchange rate. The Board believes this new structure enhances financial flexibility for the Bank amidst COVID-19 challenges. The Company will continue to trade under the ticker CARE on the Nasdaq Global Select Market. Carter Bankshares has assets totaling $4.1 billion and operates 92 branches in Virginia and North Carolina.
Carter Bank & Trust (NASDAQ:CARE) reported a net loss of $57.7 million, or $2.19 per share, for Q3 2020, mainly due to a one-time goodwill impairment charge of $62.2 million. Excluding this charge, net income stood at $4.5 million, flat compared to Q2 2020. The bank's net interest income fell by 3.1% to $25.4 million quarter-over-quarter. Total deposits increased by $7.1 million to $3.6 billion. For the nine months ending September 30, 2020, the bank recorded a net loss of $48.8 million but highlighted growth in portfolio loans by 3.9% and overall deposits by 2.6% year-over-year.