03:12 PM EDT, 08/28/2024 (MT Newswires) -- Carter Bankshares ( CARE ) said Wednesday that a lawsuit filed by GLAS Trust in February was dismissed after both sides reached a settlement.

Terms of the settlement were not disclosed.

Carter Bankshares ( CARE ) said the dismissal resolved any legal issues related to its subsidiary Carter Bank & Trust's lending relationship with West Virginia Governor Jim Justice and the companies he's involved in.

In February GLAS Trust accused Carter Bank & Trust of improperly forcing a business operated by Justice to repay past loans made to the Justice family companies.

The lawsuit sought the $226.2 million GLAS Trust said the Justices improperly paid to Carter Bank, plus interest.

Carter Bank denied the claims and said at the time that it received those funds "as part of routine refinance and payment transactions in good faith and in the ordinary course."

The GLAS Trust settlement comes after Carter Bank reached a similar agreement in June with Justice and his family over $301.9 million in debt the bank said was owed by their businesses.

Shares of Carter Bankshares ( CARE ) were up 0.4% in recent Wednesday trading.

Price: 16.92, Change: +0.07, Percent Change: +0.39