Business
Carter Bank & Trust Announces Intent to Form Holding Company
MARTINSVILLE, VA / ACCESSWIRE / July 23, 2020 / Carter Bank & Trust (the "Bank") (NASDAQ:CARE) is pleased to announce its intent to form a bank holding
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESSWIRE / July 23, 2020 / Carter Bank & Trust (the \"Bank\") (NASDAQ:CARE) is pleased to announce its intent to form a bank holding company, subject to regulatory approval. If approved, the Bank would become a subsidiary of the newly-formed bank holding company. Current shareholders of the Bank would become shareholders of the newly-formed bank holding company and current shareholders will have the same rights and ownership percentage in the new holding company as they currently have in the Bank.\"\"The Bank's Board of Directors believes this new corporate structure will provide added financial and operational flexibility for the Bank, is an integral part of the continued growth and prosperity of the Bank, and is in the best interests of the Bank's shareholders,\" said James W. Haskins, Chairman of the Board of the Bank.Litz H. Van Dyke, Chief Executive Officer of the Bank, stated: \"These are times of tremendous uncertainty in the Banking Industry due to the impact of COVID-19. The formation of the holding company will provide more efficient access to capital markets if the need arises and will create flexibility in the overall capital structure of our organization. We believe that forming a holding company now will put Carter Bank in the best position to respond to evolving market conditions and to take advantage of future opportunities as they arise.\"The holding company formation will not impact the Bank's operations; the Bank will continue to provide its full range of financial services comprised of retail, commercial banking and insurance products. The Bank's headquarters will remain in, and the holding company's headquarters will be located in, Martinsville, Virginia.About Carter Bank & TrustHeadquartered in Martinsville, VA, Carter Bank & Trust is a state-chartered community bank in Virginia and trades on the Nasdaq Global Select Market under the symbol CARE. The Bank has $4.2 billion in assets and 99 branches in Virginia and North Carolina. For more information visit www.CBTCares.com.Important Note Regarding Forward-Looking StatementsCertain matters discussed in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to the Bank's financial condition, results of operations, plans...