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Carter Bankshares, Inc. and Carter Bank & Trust Announce Completion of Holding Company Reorganization
MARTINSVILLE, VA / ACCESSWIRE / November 23, 2020 / Carter Bankshares, Inc. (the "Company") (NASDAQ:CARE) and Carter Bank & Trust (the "Bank") announced that,
About this update from Carter Bankshares, Inc.
[{"type":"text","content":"MARTINSVILLE, VA / ACCESSWIRE / November 23, 2020 / Carter Bankshares, Inc. (the \"Company\") (NASDAQ:CARE) and Carter Bank & Trust (the \"Bank\") announced that, effective as of November 20, 2020, the Company and the Bank consummated the statutory merger pursuant to which the Company has become the parent bank holding company of the Bank (such transaction, the \"reorganization\"). In the reorganization, each share of the Bank's common stock converted into a share of the Company's common stock at a one-for-one exchange rate. Shareholders will receive information in the mail from the Company's and the Bank's transfer agent about shares held in book-entry form and how to exchange certificates that previously represented shares of the Bank's common stock.Following the reorganization, shares of the Company's common stock will trade on the Nasdaq Global Select Market under the same ticker symbol, CARE, that was used for shares of the Bank's common stock prior to the reorganization.\"The 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 our shareholders,\" said James W. Haskins, Chairman of the Board of the Company and the Bank.Litz H. Van Dyke, Chief Executive Officer of the Company and 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 the Company and the Bank in the best position to respond to evolving market conditions and to take advantage of future opportunities as they arise.\"About Carter Bankshares, Inc.Carter Bankshares, Inc. is a bank holding company and the parent company of Carter Bank & Trust, and trades on the Nasdaq Global Select Market under the symbol CARE. Headquartered in Martinsville, VA, Carter Bank & Trust is a state-chartered community bank in Virginia with $4.1 billion in assets and 92 branches in Virginia and North Carolina. For more information visit www.CBTCares.com.Important Note Regarding Forward-Looking StatementsCerta...