Carter Bank & Trust Enters Agreement with Pendleton Community Bank

Rhea-AI Summary

Carter Bankshares (NASDAQ:CARE) has announced the sale of three branches of Carter Bank & Trust to Pendleton Community Bank, expanding Pendleton's footprint in Virginia's Shenandoah Valley.

The transaction, aimed at realigning Carter's branch network to better serve core markets, is expected to conclude in Q2 2021, pending regulatory approvals. Carter Bank & Trust operates with $4.1 billion in assets, while Pendleton Community Bank holds $515 million. Both banks emphasize a commitment to community service and customer care throughout this transition.

Positive

• Strategic sale supports branch realignment for more efficient service.
• Expansion of Pendleton Community Bank's presence in Virginia.
• Maintains level of care for customers and associates.

Negative

• None.

Pendleton Community Bank will acquire three Carter Bank & Trust branches in 2021.

MARTINSVILLE, VA & FRANKLIN, WV / ACCESSWIRE / January 14, 2021 / Carter Bankshares (NASDAQ:CARE) and Pendleton Community Bank announced today that they have entered into an agreement regarding the sale of three Carter Bank & Trust branches in Staunton, Harrisonburg, and Bridgewater to Pendleton Community Bank.

The three branches will extend Pendleton Community Bank's footprint to a total of five branches in Virginia's Shenandoah Valley, along with eight branches serving West Virginia.

"The sale of these branches to Pendleton Community Bank supports our goal of realigning our branch footprint so we can more effectively and efficiently serve our core markets and enhance our ability to invest in identified emerging markets," Carter Bank & Trust CEO Litz Van Dyke said. "We're pleased we found a community bank buyer where our associates and customers will get the same level of care they have come to expect."

"We are excited by the opportunity to expand our presence in the Shenandoah Valley through the acquisition of these three offices," Pendleton Community Bank President and CEO William Loving said. "We want to thank the leadership team at Carter Bank & Trust for working with us on this transaction. The sale of these branches is strategically beneficial to both banks, while also supporting the banking needs of the customers and the communities served by these offices."

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

About Pendleton Community Bank

Headquartered in Franklin WV, Pendleton Community Bank, is a $515 million, state-chartered community bank. Established in 1925, the bank currently has ten full-service financial centers, with 8 located in the West Virginia communities of Beckley, Fayetteville, Franklin, Marlinton, Moorefield, Mount Hope, Petersburg, and Wardensville. Two offices and a mortgage operation are located in Harrisonburg, VA. Additional information about Pendleton Community Bank is available at www.yourbank.bank

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Media Contact Contact

Carter Bank & Trust
Brooks Taylor
Brooks.Taylor@CBTCares.com
276-806-5445

Pendleton Community Bank
Neil Hayslett, Chief Banking Officer
NHayslett@yourbank.com
304-358-3622, x1118

SOURCE: Carter Bank & Trust

View source version on accesswire.com:
https://www.accesswire.com/624312/Carter-Bank-Trust-Enters-Agreement-with-Pendleton-Community-Bank

FAQ

What branches is Carter Bank & Trust selling?

Carter Bank & Trust is selling branches located in Staunton, Harrisonburg, and Bridgewater.

What is the expected completion date for the branch sale?

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

What is the impact of the branch sale on Carter Bankshares (CARE)?

The sale allows Carter Bankshares to realign its branch footprint strategically to serve core markets better.

How will Pendleton Community Bank benefit from the acquisition?

Pendleton Community Bank will expand its presence in the Shenandoah Valley, increasing its branch total to five in Virginia.

What financial sizes do Carter Bank & Trust and Pendleton Community Bank hold?

Carter Bank & Trust has $4.1 billion in assets, while Pendleton Community Bank has $515 million.