10:32 AM EST, 12/10/2024 (MT Newswires) -- 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 ( CARE ) said. Carter Bank will assume deposit liabilities and acquire cash, personal property, and other fixed assets associated with the Winston-Salem branch, Carter Bankshares ( CARE ) 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 ( CARE ) stock rose 0.4% in recent trading.

Price: 18.90, Change: +0.03, Percent Change: +0.15