Carter Bankshares Files 8-K for Other Events
Ticker: CARE · Form: 8-K · Filed: Jun 26, 2024 · CIK: 1829576
| Field | Detail |
|---|---|
| Company | Carter Bankshares, Inc. (CARE) |
| Form Type | 8-K |
| Filed Date | Jun 26, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 5 min |
| Key Dollar Amounts | $1.00, $301.9 million, $294.1 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: 8-K, regulatory-filing
TL;DR
Carter Bankshares filed an 8-K for 'Other Events' - details TBD.
AI Summary
Carter Bankshares, Inc. filed an 8-K on June 26, 2024, to report "Other Events." The filing does not contain specific details about the nature of these events, dollar amounts, or definitive dates beyond the filing date itself.
Why It Matters
This filing indicates that Carter Bankshares has reported significant events to the SEC, but the lack of detail requires further investigation to understand the implications.
Risk Assessment
Risk Level: medium — The filing is an 8-K for 'Other Events' which is broad and could encompass significant developments, but the lack of specific information makes it difficult to assess the immediate risk.
Key Players & Entities
- Carter Bankshares, Inc. (company) — Registrant
- June 26, 2024 (date) — Filing Date
FAQ
What specific events are being reported under 'Other Events' in this 8-K filing?
The filing does not specify the nature of the 'Other Events'.
Are there any financial implications or dollar amounts associated with the reported events?
The filing does not disclose any specific financial figures or dollar amounts related to the 'Other Events'.
When did the earliest of these 'Other Events' occur?
The earliest event reported is dated June 26, 2024, which is also the date of the report.
What is the principal executive office address for Carter Bankshares, Inc.?
The address is 1300 Kings Mountain Road, Martinsville, Virginia 24112.
What is the SIC code for Carter Bankshares, Inc.?
The Standard Industrial Classification code is 6021 for NATIONAL COMMERCIAL BANKS.
Filing Stats: 1,148 words · 5 min read · ~4 pages · Grade level 14.1 · Accepted 2024-06-26 15:37:26
Key Financial Figures
- $1.00 — ange on which registered Common Stock, $1.00 par value CARE NASDAQ Global Select Mar
- $301.9 million — Justice Entities has been reduced from $301.9 million as of the end of the 1 st quarter, 2024
- $294.1 million — ter, 2024 to a balance of approximately $294.1 million as of June 20, 2024. Carter Bank conti
Filing Documents
- care-20240626.htm (8-K) — 26KB
- 0001829576-24-000043.txt ( ) — 156KB
- care-20240626.xsd (EX-101.SCH) — 2KB
- care-20240626_lab.xml (EX-101.LAB) — 23KB
- care-20240626_pre.xml (EX-101.PRE) — 13KB
- care-20240626_htm.xml (XML) — 3KB
01. - Other Events
ITEM 8.01. - Other Events. Carter Bankshares, Inc. Issues Statement Regarding the Dismissal of Lawsuits Filed by WV Governor Jim Justice and Related Entities In order to provide clarity and further information regarding the dismissal on June 26, 2024 of the lawsuit filed against Carter Bank & Trust and its board of directors (together "Carter Bank") in the United States District Court for the Southern District of West Virginia (Beckley Division) on November 10, 2023 (the "Federal Lawsuit") by WV Governor James C. Justice, II, his wife Cathy L. Justice, his son James C. Justice, III and various related entities that he and/or they own (collectively the "Justice Entities"), Carter Bankshares, Inc. issues this statement. Carter Bank has obtained a voluntary dismissal of the Federal Lawsuit "with prejudice." This means that the Justice Entities may not bring any future legal action in any court based on the facts alleged in the Federal Lawsuit. Moreover, in connection with the dismissal of the Federal Lawsuit, the Justice Entities have executed a release that waives any and all causes of action of any kind that they might claim to have against Carter Bank. Moreover, Carter Bank anticipates the dismissal in the near future, again with prejudice, of the lawsuit filed against Carter Bank in the Circuit Court of Greenbrier County, West Virginia on February 7, 2024 (the "WV Lawsuit") by Greenbrier Sporting Club Development Co., Inc. and Greenbrier Sporting Club, Inc. In connection with the dismissal of the Federal Lawsuit and the WV Lawsuit, the Justice Entities have agreed upon a pathway of curtailment and payoff of the loans they have outstanding with Carter Bank. The Justice Entities have already started that process of curtailment such that as of the date of this statement, the aggregate nonperforming loan balance associated with the Justice Entities has been reduced from $301.9 million as of the end of the 1 st quarter, 2024 to a balance of approximately $294.1 mi
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: June 26, 2024 By: /s/ Litz H. Van Dyke Name: Litz H. Van Dyke Title: Chief Executive Officer