Breaking News: Carter Bank Expands Reach with Acquisition of North Carolina Branch from First Reliance Bank

MARTINSVILLE, VA and FLORENCE, SC / ACCESSWIRE / December 10, 2024

Carter Bankshares, Inc. (NASDAQ:CARE) and First Reliance Bancshares, Inc. (OTC PINK:FSRL), announced today that their wholly owned subsidiaries, Carter Bank and First Reliance Bank, entered into a definitive Purchase and Assumption Agreement (the “Agreement”) under which Carter Bank will acquire deposits associated with First Reliance Bank’s two branches in Mooresville and Winston-Salem, as well as First Reliance Bank’s Winston-Salem branch facility (the “Transaction”).

The Transaction allows First Reliance Bank to focus on its core markets in South Carolina as well as advance the organization’s branch efficiency strategy.

This strategic move by Carter Bankmarks a significant expansion of its reach into the North Carolina region. By acquiring the branches and deposits from First Reliance Bank, Carter Bank is poised to increase its market presence and offer its services to a wider customer base.

Impact on Individuals:

For individual customers who currently bank with First Reliance Bank in the North Carolina area, this acquisition will mean a transition of accounts and services to Carter Bank. It is important for customers to stay informed about any changes in policies, fees, and services that may occur during this transition.

Impact on the World:

On a larger scale, this acquisition reflects the changing landscape of the banking industry. As more banks seek to expand their reach and consolidate their operations, customers may see a shift in the availability of banking services in their local communities. This trend towards consolidation could impact competition in the industry and influence the way banking services are delivered in the future.

Conclusion

The acquisition of North Carolina branches from First Reliance Bank by Carter Bank represents a strategic move for both institutions. It allows First Reliance Bank to focus on its core markets and efficiency strategy, while providing Carter Bank with an opportunity to expand its reach and customer base. As the banking industry continues to evolve, customers and communities may experience changes in the availability and delivery of banking services. It is important for individuals to stay informed and be prepared for any changes that may come as a result of such acquisitions.