Carter Bankshares Files 8-K for Undisclosed "Other Events"
Ticker: CARE · Form: 8-K · Filed: Feb 15, 2024 · CIK: 1829576
| Field | Detail |
|---|---|
| Company | Carter Bankshares, Inc. (CARE) |
| Form Type | 8-K |
| Filed Date | Feb 15, 2024 |
| Risk Level | low |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $1.00, $226 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 8-K, corporate-filing, other-events, administrative
TL;DR
**Carter Bankshares filed an 8-K for "Other Events" on Feb 15, 2024, but the specific details are not included in this excerpt.**
AI Summary
Carter Bankshares, Inc. filed an 8-K report on February 15, 2024, indicating an "Other Events" disclosure. The filing, identified by SEC File Number 001-39731 and CIK 0001829576, provides administrative details such as the company's Virginia incorporation and its Martinsville, Virginia address. However, the provided excerpt does not contain specific information regarding the nature or financial impact of the reported event.
Why It Matters
This 8-K signals that Carter Bankshares, Inc. has an event deemed significant enough for disclosure, but without the specific details, investors cannot assess its potential impact on the company's operations or financial standing. Further investigation into the full filing is required to understand the implications.
Risk Assessment
Risk Level: low — This excerpt of the 8-K filing provides only administrative details and indicates an "Other Events" report, offering no specific information to assess any particular risk or opportunity.
Key Numbers
- 001-39731 — SEC File Number (Identifies the registrant's filing series)
- 0001829576 — Central Index Key (CIK) (Unique identifier for the registrant)
- 276-656-1776 — Business Phone Number (Contact information for the registrant)
Key Players & Entities
- Carter Bankshares, Inc. (company) — Registrant
- Virginia (location) — State of Incorporation
- Martinsville (location) — City of Principal Executive Offices
- February 15, 2024 (date) — Date of earliest event reported
FAQ
What is the exact name of the registrant in this 8-K filing?
The exact name of the registrant is Carter Bankshares, Inc.
What is the date of the earliest event reported in this filing?
The date of the earliest event reported is February 15, 2024.
In which state is Carter Bankshares, Inc. incorporated?
Carter Bankshares, Inc. is incorporated in Virginia.
What is the principal executive office address for Carter Bankshares, Inc.?
The principal executive office address is 1300 Kings Mountain Road, Martinsville, Virginia 24112.
What is the Standard Industrial Classification (SIC) for Carter Bankshares, Inc.?
The Standard Industrial Classification (SIC) for Carter Bankshares, Inc. is National Commercial Banks [6021].
Filing Stats: 1,298 words · 5 min read · ~4 pages · Grade level 13.3 · Accepted 2024-02-15 17:13:12
Key Financial Figures
- $1.00 — ange on which registered Common Stock, $1.00 par value CARE NASDAQ Global Select Mar
- $226 million — recover from Carter Bank approximately $226 million that was paid to Carter Bank on account
Filing Documents
- care-20240215.htm (8-K) — 30KB
- 0001829576-24-000013.txt ( ) — 163KB
- care-20240215.xsd (EX-101.SCH) — 2KB
- care-20240215_lab.xml (EX-101.LAB) — 25KB
- care-20240215_pre.xml (EX-101.PRE) — 13KB
- care-20240215_htm.xml (XML) — 3KB
01. OTHER EVENTS
ITEM 8.01. OTHER EVENTS. Carter Bankshares, Inc. Issues Statement Regarding Lawsuit Filed in Virginia by GLAS Trust Company LLC In order to provide further clarity, Carter Bankshares, Inc. (the "Company"), the holding company for Carter Bank & Trust ("Carter Bank"), is providing additional information relating to the lawsuit filed in the United States District Court for the Western District of Virginia on February 12, 2024 (the "Lawsuit") by GLAS Trust Company LLC ("GLAS"). The claims in the Lawsuit relate to a series of financing transactions that occurred between five and six years ago in 2018 between Bluestone Resources, Inc. ("Bluestone Resources"), its subsidiary Bluestone Coal Sales Corporation ("Bluestone Sales", and together with Bluestone Resources and their respective affiliates, the "Bluestone Entities"), and Greensill (UK) Limited, Ltd. ("Greensill"). The Bluestone Entities are owned and controlled by West Virginia Governor James C. Justice, II, his wife Cathy Justice, and his son James C. Justice, III . Greensill was a supply chain finance company based in the United Kingdom that filed for insolvency protection in 2021. GLAS alleges that it serves as trustee for investors that acquired notes via a series of securities transactions that repackaged the Bluestone Entities' obligations to repay Greensill and sold them to those investors. The Lawsuit is an attempt to recover from Carter Bank approximately $226 million that was paid to Carter Bank on account of loans owed by certain Bluestone Entities and other entities owned or controlled by West Virginia Governor James C. Justice, II, his wife Cathy Justice, and/or his son James C. Justice, III. Carter Bank received those funds as part of routine refinance and payment transactions in good faith and in the ordinary course, as repayment of amounts owed to Carter Bank. Neither the Company nor Carter Bank was a party to any financing arrangement between Greensill and the Bluestone Entities. The Company and
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CARTER BANKSHARES, INC. (Registrant) Date: February 15, 2024 By: /s/ Litz H. Van Dyke Name: Litz H. Van Dyke Title: Chief Executive Officer