On March 26, 2026, Carter Bankshares, Inc. announced the successful completion of a significant transaction involving the sale of all loans that had been reduced to judgments, related to various entities associated with James C. Justice, II. The transaction was executed as an absolute, 'as-is, where-is' sale to an unaffiliated third party, resulting in a cash consideration of $289.48 million. Prior to the sale, the loans had an outstanding aggregate principal amount of $209.48 million and were classified as nonperforming and on nonaccrual status. As of December 31, 2025, the company had recorded a specific reserve of $18.04 million against these loans. This transaction is expected to have a favorable impact on the company's tangible book value per common share, estimated at approximately $3.49 per share. The company plans to provide further details regarding the financial implications of this transaction in its upcoming earnings release and quarterly report for the quarter ending March 31, 2026.

Press Release distribution

National Press Distribution across U.S. Media. Direct Access to Key Decision Making Editors.