Carter Bankshares, Inc. filed a Form 8-K on November 12, 2026, disclosing that its Board of Directors authorized a common share repurchase program of up to $10,000,000, contingent on receipt of non-objection from the Federal Reserve Bank of Richmond.

Key Highlights

  • Program size: The Board authorized repurchases of up to $10,000,000 of the company's common stock in the aggregate.
  • Program duration: The repurchase program covers a period of twelve months from the date of receipt of non-objection from the Federal Reserve Bank of Richmond.
  • Regulatory condition: The program is subject to receipt of non-objection from the Federal Reserve Bank of Richmond before it takes effect.
  • Purchase methods: Repurchases may be made in open market transactions or privately negotiated transactions, including pursuant to a Rule 10b5-1 trading plan.
  • No obligation to purchase: According to the filing, "The repurchase program does not obligate the Company to purchase any particular number of shares."
  • Board discretion: The Board may modify or terminate the program at any time, and actual repurchase timing and volume are left to management's discretion.

Carter Bankshares Board Approves $10 Million Buyback, Pending Federal Reserve Non-Objection

Carter Bankshares, Inc. (NASDAQ:CARE), headquartered at 1300 Kings Mountain Road, Martinsville, Virginia, disclosed on November 9, 2026, that its Board of Directors authorized a common share repurchase program to buy back up to $10,000,000 of the company's common stock. The announcement was made public via a Form 8-K filed with the U.S. Securities and Exchange Commission on November 12, 2026, signed by Chief Financial Officer Wendy S. Bell.

According to the filing, the twelve-month repurchase period will begin from the date of receipt of non-objection from the Federal Reserve Bank of Richmond, making regulatory clearance a prerequisite for program activation. The company stated that open-market repurchases may be conducted in accordance with the safe harbor provision of Rule 10b-18 under the Securities Exchange Act of 1934, and that purchases under a Rule 10b5-1 trading plan will be executed in accordance with the terms and conditions established under such a plan.

The filing noted that "the actual means and timing of any shares purchased under the program, and the number of shares actually purchased under the program, will depend on a variety of factors, including the market price of the Company's common stock, general market and economic conditions, management's evaluation of the Company's financial condition and liquidity position and applicable legal and regulatory requirements." The Board retains authority to modify or terminate the program at any time.

What Was Disclosed

Carter Bankshares disclosed a Board-authorized common stock repurchase program of up to $10,000,000, contingent on Federal Reserve Bank of Richmond non-objection, executable via open market or privately negotiated transactions over a twelve-month period, with no obligation to purchase any set number of shares.