Carter Bankshares, Inc. operates as the bank holding company for Carter Bank & Trust, a state-chartered community bank in the Commonwealth of Virginia. The company's business model is centered on traditional community banking, generating revenue primarily through net interest income from its loan and deposit portfolios. Its lending activities encompass commercial real estate, commercial and industrial loans, residential mortgages, and consumer loans. On the deposit side, it offers checking, savings, retirement, and money market accounts, alongside certificates of deposit. Geographically, Carter Bankshares maintains a strong regional footprint with over 60 branch locations distributed throughout Virginia and North Carolina. In addition to core banking services, the company provides treasury and corporate cash management services, online and mobile banking solutions, and title insurance products. The bank competes in the regional banking sector by leveraging its local market knowledge, personalized customer service, and long-standing community relationships, having originally launched its signature 'Home of Lifetime Free Checking' product in 1974.
