Benzinga | Jan 6, 2021 05:28PM EST

Carter Bankshares Says Will Be Closing 24 Branches Of Carter Bank & Trust, Throughout Its Footprint, Through Closure Or Sale Of Those Branches Care

On January 6, 2021, Carter Bankshares, Inc. (NASDAQ:CARE) (the "Company") announced that the Company will be closing 24 branches of Carter Bank & Trust, the Company's wholly owned subsidiary (the "Bank"), throughout its footprint, through the closure or sale of those branches (referred to herein as the "branch closures"). The branch closures are expected to occur on or about April 16, 2021, as part of a strategic network optimization plan that is being implemented to support the long-term, sustainable growth of the Company.



These market adjustments are aligned with the Company's strategic goals to enhance franchise value, improve operating efficiency in the communities it will continue to serve, and increase working capital for growth in emerging markets. This decision was based on the results of a long-term study of market trends, financial analysis, CRA assessment, and branch activity.



The Bank's customers who will be affected by the branch closures will receive a letter of notice about the impending branch closures and a resource guide to help them navigate the expected changes in service. The Company has appointed a dedicated team to facilitate a smooth transition for its customers and teammates.