Carter Bank becomes state member bank

Carter Bankshares Inc. (Nasdaq: CARE) announced Thursday that Carter Bank, headquartered in Martinsville, has received approval to become a state member bank and be regulated by the Board of Governors of the Federal Reserve System through the Federal Reserve Bank or Richmond.

Carter Bank will continue to be regulated by the Bureau of Financial Institutions of the Virginia State Corporation Commission, according to a release.

"We're pleased with the Federal Reserve Bank's acceptance of our membership application, as this decision marks a significant step toward our future strategic objectives," said Carter Bank CEO Litz Van Dyke in the release. "We believe transitioning to Federal Reserve membership will streamline our regulatory structure and enhance our operational efficiency. Additionally, Carter Bank recently converted to a financial holding company, which provides us greater flexibility to innovate and grow. We are excited about the opportunities that lie ahead and look forward to building on our strong, collaborative relationship with our federal and state regulators."

Carter Bankshares Inc. is the holding company for Carter Bank, a $4.8 billion, state-chartered community bank with branches in Virginia and North Carolina.