M&A - Carter Bankshares, Inc.

Form Type: 8-K

Filing Date: 2025-05-27

Corporate Action: Acquisition

Type: New

Accession Number: 000182957625000044

Filing Summary: On May 27, 2025, Carter Bankshares, Inc. announced the completion of a Purchase and Assumption transaction with First Reliance Bankshares, Inc. for the deposits associated with two branches located in Mooresville and Winston-Salem, North Carolina. Carter Bank acquired $55.9 million in deposits at the two branch locations and welcomed 10 new associates. The acquisition included a 4.6% deposit premium on the average closing balance of transaction accounts, savings, and money market demand deposits, without any loan acquisition. The transaction was finalized on May 23, 2025, with branches converting to Carter Bank branches over the weekend of May 24-26, and the branches officially opened as Carter Bank on May 27, 2025. A press release regarding the acquisition was also published on the same date.

Form Type: 8-K/A

Filing Date: 2025-02-03

Corporate Action: Acquisition

Type: Update

Accession Number: 000182957625000010

Filing Summary: On February 3, 2025, Carter Bankshares, Inc. announced an update regarding its acquisition of two North Carolina branches from First Reliance Bank. Originally reported in a Current Report on Form 8-K filed on December 10, 2024, the transaction involved Carter Bank, a wholly owned subsidiary of Carter Bankshares, agreeing to acquire deposits and facilities related to First Reliance Bank's branches in Mooresville and Winston-Salem, North Carolina. The amendment to the Purchase and Assumption Agreement clarifies provisions and ensures the Mooresville branch remains operational post-transaction. The deal is anticipated to close in the first half of 2025, pending regulatory approvals.