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."
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