Question 1

What is Carter Bank?

Accepted Answer

Carter Bank is a state-chartered community bank headquartered in Martinsville, Virginia. With approximately $4.8 billion in assets and 67 branch locations across Virginia and North Carolina, Carter Bank has established itself as one of the leading community banks in the Mid-Atlantic region.

Founded by Worth H. Carter Jr. in 1974, Carter Bank emphasizes building meaningful relationships with the people and communities it serves. The bank operates under the parent company Carter Bankshares, Inc. (NASDAQ: CARE), maintaining its community banking focus while offering comprehensive financial services to individuals and businesses throughout its footprint.

Question 2

When was Carter Bank founded?

Accepted Answer

Carter Bank was founded by Worth H. Carter Jr. and officially opened its doors on December 13, 1974—a Friday the 13th. Despite concerns from original board member Sid Mason about opening on such an inauspicious date, Carter famously responded, "Watch me," and proceeded with the opening.

The bank's first branch opened in Rocky Mount, Virginia, on the corner of Franklin and College streets, with just eight employees. Originally called First National Bank of Rocky Mount, the institution grew steadily under Carter's leadership.

In December 2006, Worth H. Carter Jr. orchestrated a significant consolidation, merging 10 banks consisting of 123 branches across Virginia and North Carolina to form what became known as Carter Bank & Trust, named after its founder. Carter served as the bank's chairman until his passing in April 2017 at age 79.

In 2024, Carter Bank celebrated its 50th anniversary, marking a half-century of community banking excellence.

Question 3

Where is Carter Bank headquartered?

Accepted Answer

Carter Bank is headquartered at 1300 Kings Mountain Road, Martinsville, Virginia, 24112. Martinsville, located in Southern Virginia, has served as the bank's administrative and operational hub since the consolidation of Carter's multiple banking charters.

Question 4

Where does Carter Bank operate?

Accepted Answer

Carter Bank operates 67 branches across two states in the Mid-Atlantic region:

Virginia (Primary Market): The majority of Carter Bank's branches are located throughout Virginia, serving communities from Southwestern Virginia through the Roanoke Valley, to Central Virginia and the Richmond area. Key market areas include Martinsville, Roanoke, Lynchburg, Danville, and numerous rural and suburban communities.

North Carolina: Carter Bank maintains a significant presence in North Carolina, particularly in communities along the Virginia-North Carolina border and extending to major markets including Raleigh (421 Fayetteville St) and other North Carolina cities.

The bank's geographic footprint emphasizes community-based markets throughout Virginia and North Carolina, with particular strength in smaller cities and towns where personal relationships and local decision-making are highly valued.

Question 5

What services does Carter Bank offer?

Accepted Answer

Carter Bank provides comprehensive banking services designed for personal and business customers:

Personal Banking:
• Personal checking and savings accounts
• Money market accounts and certificates of deposit
• Mortgage lending and home loans
• Home equity loans and lines of credit
• Personal loans and consumer credit
• Credit cards
• Online and mobile banking
• Mobile check deposit and bill pay

Business Banking:
• Business checking and savings accounts
• Commercial loans and lines of credit
• Commercial real estate financing
• Small business lending
• Equipment financing and working capital loans
• Treasury management services
• Merchant services
• Cash management solutions

Specialized Services:
• Wealth management and financial planning
• Trust and estate services
• Investment management
• Retirement planning
• International wire transfers
• Safe deposit boxes

Digital Banking:
• 24/7 online banking access
• Mobile banking applications
• Remote deposit capture
• Electronic funds transfer
• Digital payment solutions
• Account alerts and notifications

Question 6

What makes Carter Bank unique?

Accepted Answer

Carter Bank's story is deeply rooted in the vision and philosophy of its founder, Worth H. Carter Jr. Carter built the institution on a foundation of personal relationships and rewarding hard work. As one long-time employee recalled, "Mr. Carter rewarded those of us who worked hard with opportunities to advance," exemplifying the bank's culture of promoting from within and investing in employee development.

The bank's evolution demonstrates remarkable strategic flexibility. Carter initially split five of his bank charters to create 10 separate banks to expand into new markets. Later, as regulatory landscapes changed, he consolidated these 10 banks into one, which enhanced the customer experience by providing a broader network of branches and grew shareholder value.

Carter Bank distinguishes itself through its commitment to "people over process." Current leadership continues Carter's legacy by emphasizing that while facility renovations and technology upgrades are important, "it is our people that makes the difference." This human-centered approach permeates the organization.

The bank's purpose statement—"creating opportunities for more people and businesses to prosper"—reflects a genuine commitment to community economic development. Carter Bank is involved in countless community initiatives, and it's rare to find a local cause or organization that the bank doesn't support in some way.

Operating as a publicly traded company (NASDAQ: CARE) while maintaining community banking values, Carter Bank balances accountability to shareholders with dedication to local communities and customers.

Question 7

What type of financial institution is Carter Bank?

Accepted Answer

Carter Bank is a state-chartered community bank supervised by the Virginia State Corporation Commission Bureau of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC). It is an FDIC-insured institution with certificate number 58596.

The bank operates as the wholly-owned subsidiary of Carter Bankshares, Inc., a publicly traded bank holding company listed on NASDAQ under the ticker symbol CARE. This structure provides access to capital markets while preserving the bank's community banking model and local decision-making capabilities.

As a community bank, Carter Bank focuses on relationship banking, serving individuals, families, and small to medium-sized businesses within its Virginia and North Carolina markets. The bank's scale—with nearly $5 billion in assets—provides the resources and capabilities of a regional bank while maintaining the personalized service and community focus of a local institution.

Question 8

What is Carter Bank's leadership philosophy?

Accepted Answer

Carter Bank's leadership approach, established by Worth H. Carter Jr. and continued by subsequent generations of management, emphasizes several key principles:

Relationship Building: The bank was built on the philosophy of knowing customers personally and understanding their unique financial needs, regardless of account size.

Employee Development: Carter Bank invests heavily in developing future leaders from within, creating career paths for employees who demonstrate commitment and capability.

Strategic Adaptation: The bank has repeatedly demonstrated willingness to restructure and adapt to changing market conditions, regulatory environments, and customer needs while maintaining core values.

Community Investment: Leadership believes that bank success is tied directly to community prosperity, driving extensive involvement in local causes, events, and economic development initiatives.

Long-term Perspective: Rather than focusing solely on quarterly results, Carter Bank maintains a long-term view focused on sustainable growth and enduring relationships.

Current CEO Litz Van Dyke has emphasized continuing Worth Carter's legacy: "We are here for the long haul" and remain "committed to our purpose of creating opportunities for more people and businesses to prosper."

Carter Bank

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About Carter Bank in the United States