Carter Bankshares (CARE) said Tuesday its Carter Bank unit has entered into a definitive purchase and assumption agreement with First Reliance Bancshares-owned First Reliance Bank to acquire deposits and branch assets from First Reliance Bank's Mooresville and Winston-Salem locations.

Following the transaction, Carter Bank will operate 66 branches across Virginia and North Carolina, Carter Bankshares said. Carter Bank will assume deposit liabilities and acquire cash, personal property, and other fixed assets associated with the Winston-Salem branch, Carter Bankshares added.

The transaction, which excludes loan assets, includes a 4.6% deposit premium and is expected to close in H1 2025, subject to regulatory approval.

Carter Bankshares stock rose 0.4% in recent trading.

Price: 18.90, Change: +0.03, Percent Change: +0.15