CARE 8-K
Carter Bankshares, Inc. (CARE)
8-K
2025-05-27
For: 2025-05-27
View Original
Added on
April 12, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20429
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 27, 2025
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission file number) | (IRS Employer Identification No.) | ||||||
(Address of Principal Executive Offices) (Zip Code)
(276 ) 656-1776
(Registrant's telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
ITEM 8.01. - Other Events.
On May 27, 2025, Carter Bankshares, Inc. (Nasdaq: CARE), the holding company for Carter Bank (the “Bank”), announced today the completion of the previously announced Purchase and Assumption for the deposits associated with two branches in Mooresville and Winston-Salem, North Carolina with First Reliance Bankshares, Inc. (OTC: FSRL), the holding company for First Reliance Bank. The Bank acquired $55.9 million of deposits at the two branch locations, and welcomed 10 new associates to their team.
In connection with the purchase, the Bank paid a 4.6% deposit premium on the average closing balance of the sum of non-interest and interest-bearing transaction accounts, savings and money market demand deposits, for the ten business day period that ends five days prior to closing, but did not acquire any loans in the Transaction. The purchase was finalized following the close of business on May 23, 2025 and the branches were converted to Carter Bank branches during the weekend of May 24-26, 2025. The acquired branches opened as Carter Bank branches on the morning of May 27, 2025. Also on May 27, 2025, the Company published a press release announcing completion of the acquisition.
A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
ITEM 9.01. - Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Exhibit 99.1 Press Release
The information in this Form 8-K, including Exhibit 99.1 attached hereto, is being furnished under Item 7.01 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of such section, nor shall it be deemed incorporated by reference in any filing of Carter Bankshares, Inc., under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference in such filing.
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CARTER BANKSHARES, INC. | |||||
| (Registrant) | |||||
| Date: May 27, 2025 | By: | /s/ Wendy S. Bell | ||||||
| Name: | Wendy S. Bell | |||||||
| Title: | Chief Financial Officer | |||||||
Contact:
Brooks Taylor
VP, Corporate Communications Officer
276.806.5445
FOR IMMEDIATE RELEASE
Carter Bank completes the purchase of two First Reliance Bank branches in North Carolina
Through the purchase, the Bank will enter the Winston-Salem market for the first time, while expanding operations near Charlotte.
Martinsville, Va. (May 27, 2025) — Carter Bankshares, Inc. (Nasdaq: CARE), the holding company for Carter Bank (the “Bank”), announced today the completion of the previously announced Purchase and Assumption for the deposits associated with two branches in Mooresville and Winston-Salem, North Carolina with First Reliance Bankshares, Inc. (OTC: FSRL), the holding company for First Reliance Bank. The Bank acquired $55.9 million of deposits at the two branch locations, and welcomed 10 new associates to our team. The transaction did not include any loans.
The Winston-Salem branch is the Bank's first location in the city, expanding its presence in the Triad, where it already has branches in Greensboro, Reidsville, Eden, and Mt. Airy. The Mooresville location, the Bank's second in town, further enhances its footprint in the Charlotte area, which also includes a branch in downtown Charlotte. These expansions demonstrate the Bank's commitment to fostering opportunities for individuals and businesses throughout North Carolina.
“We’re grateful for the opportunity to expand our operations in North Carolina and help the people of Winston-Salem and Lake Norman live life to the fullest,” said Carter Bank Chief Executive Officer Litz Van Dyke. “I’m very proud of our team's hard work to ensure the smoothest transition possible for both the customers and Bank associates, and we are very excited to continue building and expanding these relationships.”
“In the last few years, we’ve expanded the Bank into Charlotte and Raleigh, while keeping an eye on the right opportunity to enter Winston-Salem, and this purchase was that opportunity,” Carter Bank President and Chief Strategy Officer Brad Langs said. “Additionally, the team at our Mooresville branch has worked tirelessly to help strengthen our presence there, and the Lake Norman branch will only help us keep that momentum going. I’m very excited about the future of the Bank.”
As outlined in the Purchase and Assumption Agreement with First Reliance Bank, the Bank will assume certain deposit liabilities, acquire cash, personal property and other fixed assets related to the branches purchased. The Bank will also assume the building leases at both the Mooresville and Winston-Salem branch locations.
To learn more about Carter Bank, please visit carterbank.com.
About Carter Bank
Headquartered in Martinsville, Va., Carter Bank is a $4.7 billion, state-chartered community bank with branches in Virginia and North Carolina. Since 1974, Carter Bank has strived to create opportunities for more people and businesses to prosper. Additional information about Carter Bank is available at carterbank.com. Member FDIC. Equal Housing Lender.
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