Carter Bankshares, Inc. and Carter Bank & Trust Announce Completion of Holding Company Reorganization

Nov 23, 2020

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.

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