Carter Bankshares Business Summary

Carter Bankshares, Inc. (CARE) is the bank holding company for Carter Bank & Trust, a $4.9 billion community-focused financial institution operating 64 branches across Virginia and North Carolina. The company generates revenue primarily through its banking segment, which earns net interest income from a diversified loan portfolio—comprising commercial real estate, construction, and residential mortgages—funded by a stable base of low-cost core deposits that account for 95% of total liabilities. Non-interest income streams include service charges, debit card interchange fees, and insurance services. Following a 2024 rebrand and a 2025 expansion into Greenville, South Carolina, the bank has focused on scaling its retail and commercial presence. Within the mid-Atlantic market, Carter Bankshares competes directly with Atlantic Union Bankshares, TowneBank, and United Bankshares. It distinguishes itself through a high-touch, relationship-based community banking model and its signature "Home of Lifetime Free Checking" product, positioning it as a localized alternative to larger regional players. The company was founded in 1974 by Worth Harris Carter Jr., whose conservative credit philosophy remains central to the bank’s operations. Today, the leadership team is headed by Chief Executive Officer Litz H. Van Dyke, who joined in 2016 and previously served as COO of StellarOne Corporation. Supporting the executive suite are Senior Executive Vice President and CFO Wendy S. Bell, a veteran in financial reporting for regional banks, and President Bradford N. Langs, who leads corporate strategy. In February 2026, the bank further strengthened its management by appointing Kimberly Schaufenbuel as Chief Human Resources Officer. The Board of Directors is chaired by James W. Haskins, a seasoned legal professional. Notable institutional backing includes EJF Capital, which significantly increased its stake in late 2025, as well as major positions held by BlackRock, Vanguard, and Dimensional Fund Advisors, reflecting institutional confidence in the bank’s capital management and regional growth trajectory.