Business
Carter Bank & Trust Announces One-time Special Dividend
MARTINSVILLE, VA / ACCESSWIRE / February 11, 2020 / The Board of Directors of Carter Bank & Trust (the "Bank") (NASDAQ:CARE) today announced the declaration
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESSWIRE / February 11, 2020 / The Board of Directors of Carter Bank & Trust (the \"Bank\") (NASDAQ:CARE) today announced the declaration of a special one-time cash dividend of $0.14 per share. This dividend will be paid on March 3, 2020 to shareholders of record as of February 18, 2020. The Bank's Chief Executive Officer, Litz H. Van Dyke, noted in the Board making this decision, \"We are encouraged by our core earnings over the past several quarters as well as our progress in improving the risk profile of our balance sheet. While we are cognizant that further improvement is needed, the Board of Directors of Carter Bank & Trust recognizes that our recent strategy of capital retention has resulted in capital levels that are well above the well-capitalized levels of federal banking regulatory agencies. In light of these considerations as well as our limited ability to effectively leverage this capital, our Board felt that it was appropriate to return some of our excess capital to our shareholders. We are pleased to be able to reward our loyal shareholders with this dividend.\"In making this announcement, The Board emphasized that this is a one-time dividend and there are no immediate plans to reinstate a quarterly dividend. Although the Bank anticipates that its financial performance will continue to improve going forward, the amount and timing of dividends, if any, remain subject to the discretion of the Bank's board of directors and will depend upon a number of factors, including future earnings, financial condition, liquidity and capital requirements of the Bank, applicable governmental regulations and other factors deemed relevant by the Board of Directors.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 $4.0 billion in assets and 101 branches in Virginia and North Carolina. For more information visit www.CBTCares.com.Important Note Regarding Forward-Looking StatementsThis information contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to our financial condition, results of operations, plans, objectives, outlook for earnings, revenues, e...