Pendleton Community Bank will acquire three Carter Bank & Trust branches in 2021.
MARTINSVILLE, Va. & FRANKLIN, W.Va. (January 14, 2021) – Carter Bankshares (NASDAQ:CARE) and
Pendleton Community Bank announced today that they have entered into an agreement regarding the sale of
three Carter Bank & Trust branches in Staunton, Harrisonburg, and Bridgewater to Pendleton Community Bank.
The three branches will extend Pendleton Community Bank’s footprint to a total of five branches in Virginia’s
Shenandoah Valley, along with eight branches serving West Virginia.
“The sale of these branches to Pendleton Community Bank supports our goal of realigning our branch footprint
so we can more effectively and efficiently serve our core markets and enhance our ability to invest in identified
emerging markets,” Carter Bank & Trust CEO Litz Van Dyke said. “We’re pleased we found a community bank
buyer where our associates and customers will get the same level of care they have come to expect.”
“We are excited by the opportunity to expand our presence in the Shenandoah Valley through the acquisition of
these three offices,” Pendleton Community Bank President and CEO William Loving said. “We want to thank the
leadership team at Carter Bank & Trust for working with us on this transaction. The sale of these branches is
strategically beneficial to both banks, while also supporting the banking needs of the customers and the
communities served by these offices.”
This agreement is subject to regulatory approvals and expected to be completed in the second quarter of 2021.
About Carter Bank & Trust
Headquartered in Martinsville, Va., Carter Bank & Trust is a $4.1 billion, state-chartered community bank with
branches in Virginia and North Carolina. Since 1974, Carter Bank & Trust has built a reputation upon a tradition
of care for the communities it serves through convenience, local service, and custom solutions for all
customers. Additional information about Carter Bank & Trust is available at www.CBTCares.com
About Pendleton Community Bank
Headquartered in Franklin WV, Pendleton Community Bank, is a $515 million, state-chartered community bank.
Established in 1925, the bank currently has ten full-service financial centers, with 8 located in the West Virginia
communities of Beckley, Fayetteville, Franklin, Marlinton, Moorefield, Mount Hope, Petersburg, and
Wardensville. Two offices and a mortgage operation are located in Harrisonburg, VA. Additional information
about Pendleton Community Bank is available at www.yourbank.bank
www.yourbank.bank
Contact
Pendleton Community Bank
Neil Hayslett, Chief Banking Officer
NHayslett@yourbank.com
304-358-3622, x1118