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
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.