MARTINSVILLE, VA and FLORENCE, SC / ACCESSWIRE / December 10, 2024 / 
Carter Bankshares, Inc. $(CARE)$ and First Reliance Bancshares, 
Inc. (OTC PINK:FSRL), announced today that their wholly owned 
subsidiaries, Carter Bank and First Reliance Bank, entered into a 
definitive Purchase and Assumption Agreement (the "Agreement") under 
which Carter Bank will acquire deposits associated with First Reliance 
Bank's two branches in Mooresville and Winston-Salem, as well as First 
Reliance Bank's Winston-Salem branch facility (the "Transaction"). 
      The Transaction allows First Reliance Bank to focus on its core markets 
in South Carolina as well as advance the organization's branch 
efficiency strategy. Of First Reliance Bank's entire branch network, 
these two locations were the only two locations situated outside of 
South Carolina. For Carter Bank, the Transaction represents further 
expansion into Winston-Salem and continued growth in the Charlotte area. 
Following the closing of the Transaction, Carter Bank will operate 66 
locations in its branch network throughout Virginia and North Carolina. 
      Pursuant to the terms of the Agreement, Carter Bank has agreed to assume 
certain deposit liabilities, and acquire cash, personal property and 
other fixed assets associated with the Winston-Salem branch. 
Additionally, Carter Bank plans on transferring the deposits acquired 
from the First Reliance Bank branch in Mooresville to its existing 
Mooresville branch. Carter Bank will pay a 4.6% deposit premium on the 
average closing balance of the sum of non-interest and interest-bearing 
transaction accounts, savings, and money market demand deposits, but 
will not acquire any loans in the Transaction. Subject to obtaining the 
necessary regulatory approvals, the Transaction is expected to close in 
the first half of 2025. Customers of these branches will receive 
additional information regarding the Transaction in the coming months. 
      Management Commentary 
      Litz H. Van Dyke, Chief Executive Officer of Carter Bank, stated, "We 
are excited to announce a branch purchase agreement with First Reliance 
Bank that will enhance Carter Bank's overall growth. This transaction 
strengthens our presence, deepens our commitment to North Carolina, and 
further expands our network between Greensboro and Charlotte. We see 
this as a crucial step in optimizing our operations in Winston-Salem, as 
it gives us an immediate presence in the market, and we are gaining 
further market share in Mooresville. We believe that the Transaction 
will improve our profitability and deliver exceptional returns to our 
shareholders. We are looking forward to welcoming the First Reliance 
Bank customers and branch associates to Carter Bank." 
      Rick Saunders, Chief Executive Officer of First Reliance Bank stated, "I 
am pleased to announce an agreement that I believe will benefit all 
parties involved. Carter Bank is gaining two teams with strong 
connections to the communities they serve, which will bring significant 
value to the organization. By streamlining our focus to our core South 
Carolina market, I anticipate that our associates and shareholders will 
benefit from improved efficiencies, and the growth trajectory of First 
Reliance Bank will be enhanced." 
      Raymond James & Associates, Inc. acted as financial advisor to Carter 
Bank, and Troutman Pepper Hamilton Sanders LLP acted as its legal 
advisor in the Transaction. Hovde Group, LLC acted as financial advisor 
to First Reliance Bank and Ward and Smith, P.A. acted as its legal 
advisor in the Transaction. 
      ### 
      Media Contacts: 
      Carter Bank: 
      Brooks Taylor 
      VP, Corporate Communications Officer 
      Phone: 276-806-5445 
      Email: brooks.taylor@carterbank.com 
      First Reliance: 
      Robert Haile 
      Chief Financial Officer, Senior Executive Vice President 
      Phone: 843-674-3251 
      Email: rhaile@firstreliance.com 
      About Carter Bankshares, Inc. 
      Carter Bankshares, Inc. is a bank holding company and the parent company 
of Carter Bank, a state-chartered community bank headquartered in 
Martinsville Virginia, with $4.6 billion in total assets as of September 
30, 2024. Carter Bank operates 65 branches in Virginia and North 
Carolina and offers a full range of deposit and loan products. Since 
1974, Carter Bank has strived to create opportunities for more people 
and businesses to prosper. 
      About First Reliance Bancshares, Inc 
      Founded in 1999, First Reliance Bancshares, Inc. is a bank holding 
company and the parent company of First Reliance Bank, a state-chartered 
bank based in Florence, South Carolina with total assets of $1.1 billion 
as of September 30, 2024. First Reliance Bank employs approximately 170 
professionals and offers a full range of personalized community banking 
products and services for individuals, small businesses, and 
corporations. 
      Forward Looking Statements 
      Certain statements contained herein are "forward looking statements" 
within the meaning of federal and state securities laws, including 
Section 27A of the Securities Act of 1933 and Section 21E of the 
Securities Exchange Act of 1934. These forward-looking statements are 
generally identified by use of the words "believe," "expect," "intend," 
"anticipate," "estimate," "project," "pro forma," or similar expressions, 
or future or conditional verbs, such as "will," "would," "should," 
"could," or "may." These forward-looking statements are based on current 
beliefs and expectations of Carter Bank's management or First Reliance 
Bank's management, respectively, which each management team believes to 
be reasonable as of the date of this press release. These 
forward-looking statements are inherently subject to significant 
business, economic, regulatory and competitive uncertainties and 
contingencies, many of which are beyond the control of Carter Bank or 
First Reliance Bank. In addition, these forward-looking statements are 
subject to assumptions with respect to future business strategies and 
decisions that are subject to change. Actual results may differ 
materially from those set forth in or implied by the forward-looking 
statements as a result of numerous factors, and depend on the Carter 
Bank's and First Reliance Bank's ability to close the Transaction in a 
timely manner and to realize the anticipated benefits of the 
Transaction. For a discussion of factors that may impact forward-looking 
statements by Carter Bank, please see the most recent reports on Forms 
10-K and 10-Q filed by Carter Bankshares, Inc. with the Securities and 
Exchange Commission and available on the SEC's website at www.sec.gov. 
      The Transaction is subject to regulatory approval and other conditions. 
The actual amount of deposits that are acquired under Agreement is 
subject to change prior to closing. Targeted financial benefits are 
subject to significant uncertainty, and Carter Bank's expected benefits 
of the Transaction may be affected or offset by other conditions related 
to Carter Bank's operation. You should not place undue reliance on 
forward-looking statements, which reflect expectations only as of the 
date of this release. Neither Carter Bank nor First Reliance Bank 
undertake any obligation to update any forward-looking statement, except 
as otherwise required by law. 
      SOURCE: Carter Bankshares, Inc. 
      View the original press release on accesswire.com 
 
 

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December 10, 2024 09:09 ET (14:09 GMT)