Carter Bank & Trust Enters Agreement With F&M Bank

Rhea-AI Summary

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.

Positive

• Agreement to sell Waynesboro branch as part of reorganization strategy.
• Retention of employees and existing customer service quality.

Negative

• None.

F&M Bank will acquire Carter Bank & Trust's Waynesboro, VA branch in 2021.

MARTINSVILLE, VA / ACCESSWIRE / January 27, 2021 / Carter Bankshares, Inc. (NASDAQ:CARE) and F&M Bank Corp. (FMBM) announced today that they have entered into an agreement regarding the sale of the Carter Bank & Trust branch in Waynesboro.

The sale is a part of an ongoing reorganization and network optimization plan for Carter Bankshares, Inc.

"As we look toward our future, this sale will help us further our goal of realigning our branch footprint, so we are able to enhance our ability to identify and invest in new markets, as well as more efficiently serve our core markets," Carter Bank & Trust CEO Litz Van Dyke said. "We're pleased that F&M Bank has agreed to this sale, as existing customers will continue to get the high-level of personal service they have come to expect. We are also pleased that the impacted teammates will all be retained."

This agreement is subject to regulatory approvals and expected to be completed in the second quarter of 2021.

About Carter Bank & Trust
Headquartered in Martinsville, VA, Carter Bank & Trust is a $4.1 billion, state-chartered community bank with branches in Virginia and North Carolina. Since 1974, Carter Bank & Trust has built a reputation upon a tradition of care for the communities it serves through convenience, local service, and custom solutions for all customers. Additional information about Carter Bank & Trust is available at www.CBTCares.com

Media Contact
Brooks Taylor
Brooks.Taylor@CBTCares.com
276-806-5445

SOURCE: Carter Bank & Trust

View source version on accesswire.com:
https://www.accesswire.com/626437/Carter-Bank-Trust-Enters-Agreement-With-FM-Bank

FAQ

What is the recent acquisition involving Carter Bankshares (CARE)?

Carter Bankshares has agreed to sell its Waynesboro, VA branch to F&M Bank Corp as part of a reorganization strategy.

When is the sale of the Waynesboro branch expected to be completed?

The sale is expected to be completed in the second quarter of 2021, pending regulatory approvals.

How does the sale impact employees at Carter Bankshares?

All impacted employees will be retained post-sale, ensuring continuity in service.

What is the goal of Carter Bankshares with this branch sale?

The sale aims to realign their branch footprint, allowing better investment in new markets while serving core markets efficiently.

What is the stock symbol for Carter Bankshares?

The stock symbol for Carter Bankshares is CARE.