Carter Bankshares Files 8-K

TL;DR

Carter Bankshares filed an 8-K, no major news yet.

AI Summary

Carter Bankshares, Inc. filed an 8-K on August 28, 2024, to report on other events. The filing does not contain specific details about transactions or events beyond its standard reporting requirements.

Why It Matters

This filing indicates Carter Bankshares, Inc. has made a regulatory submission, but it does not disclose specific material events that would immediately impact investors.

Risk Assessment

Risk Level: low — The filing is a routine 8-K without specific material events disclosed, indicating no immediate new risks.

Key Players & Entities

• Carter Bankshares, Inc. (company) — Registrant
• August 28, 2024 (date) — Date of Report

FAQ

Key Financial Figures

• $1.00 — ange on which registered Common Stock, $1.00 par value CARE NASDAQ Global Select Mar

Filing Documents

• care-20240828.htm (8-K) — 25KB
• 0001829576-24-000059.txt ( ) — 154KB
• care-20240828.xsd (EX-101.SCH) — 2KB
• care-20240828_lab.xml (EX-101.LAB) — 23KB
• care-20240828_pre.xml (EX-101.PRE) — 13KB
• care-20240828_htm.xml (XML) — 3KB

01. - Other Events

ITEM 8.01. - Other Events. Carter Bankshares, Inc. issues Statement Regarding the Dismissal of Lawsuit filed by GLAS Trust Company, LLC against Carter Bank & Trust In order to provide clarity and further information regarding the dismissal on August 28, 2024 of the lawsuit filed against Carter Bank & Trust ("Carter Bank") in the United States District Court for the Western District of Virginia (Danville Division) on February 10, 2024 (the "GLAS Trust Lawsuit") by GLAS Trust Company, LLC, in its capacity as Note Trustee ("GLAS Trust"), Carter Bankshares, Inc. (the "Company") issues this statement. Pursuant to a confidential settlement, Carter Bank has obtained a voluntary stipulation of dismissal of the GLAS Trust Lawsuit "with prejudice." This means that GLAS Trust may not bring any future legal action in any court based on the facts alleged in the GLAS Trust Lawsuit. Moreover, in connection with the dismissal of the GLAS Trust Lawsuit, GLAS Trust and certain affiliates and parties on whose behalf it is acting have executed a release that waives any and all causes of action of any kind that they might claim to have against Carter Bank. The dismissal of the GLAS Trust Lawsuit ends all pending litigation brought against Carter Bank in connection with its lending relationship with James C. Justice, II and the entities in which he has an interest (the "Justice Entities"). Also in connection with the dismissal of the GLAS Trust Lawsuit, the Justice Entities have executed documents reaffirming the legality, validity and binding nature of all loan documents they have executed in favor of Carter Bank. Information regarding the financial impact of the settlement will be provided in the Company's earnings release and Form 10-Q for the quarter ended September 30, 2024. Important Note Regarding Forward-Looking Statements Certain matters discussed in this Current Report on Form 8-K constitute forward-looking statements within the meaning of the Private Securities Litigat

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: August 28, 2024 By: /s/ Litz H. Van Dyke Name: Litz H. Van Dyke Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR