---
schema_version: "secwatch.filing_event.v1"
accession: "0001829576-22-000018"
form_type: "8-K"
ticker: "CARE"
cik: "0001829576"
company_name: "Carter Bankshares, Inc."
filed_at: "2022-03-24T23:59:59+00:00"
generated_at: "2026-06-26T18:47:34.007536+00:00"
event_type: "leadership"
sentiment: "positive"
materiality_score: 0.25
calibrated_materiality_score: 0.25
confidence: "high"
source: SEC EDGAR
---

# Carter Bankshares names Jacob Lutz (former Troutman Pepper partner) and Curtis Stephens to board of directors

## Summary
- Jacob A. Lutz, III appointed; retired Troutman Pepper partner, chaired Financial Services Practice 20 years; previously FDIC attorney.
- Curtis E. Stephens appointed; experience in consumer services, transportation, real estate, manufacturing, technology, and sports.
- Both appointments effective March 23, 2022; annual cash retainer $38,800 + $30,000 stock retainer; no restricted stock until Jan 2023.
- Lutz's former firm Troutman Pepper received ~$1.35M in legal fees from Company in 2021 (related party transaction disclosed).
- CEO Litz Van Dyke says appointments will guide continued growth of Carter Bankshares.

## SEC filing metadata
- accession: 0001829576-22-000018
- form_type: 8-K
- ticker: CARE
- cik: 0001829576
- company_name: Carter Bankshares, Inc.
- filed_at: 2022-03-24T23:59:59+00:00
- event_type: leadership
- sentiment: positive
- materiality_score: 0.25
- calibrated_materiality_score: 0.25
- confidence: high
- sec_items: 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1829576/000182957622000018/0001829576-22-000018-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1829576/000182957622000018/care-20220323.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001829576-22-000018
- JSON: https://secwatch.observer/filing/0001829576-22-000018.json
- Plain text: https://secwatch.observer/filing/0001829576-22-000018.txt

## Key facts
- Executive change
  Jacob A. Lutz, III was appointed as Director at Carter Bankshares, Inc..
  - Action: appointed
  - Role: Director
  source text: On March 23, 2022, the Board of Directors (the “Board”) of Carter Bankshares, Inc. (the “Company”) unanimously appointed two new members to the Board, Jacob A. Lutz, III and Curtis E. Stephens, effective immediately on that date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1829576/000182957622000018/0001829576-22-000018-index.htm
- Executive change
  Curtis E. Stephens was appointed as Director at Carter Bankshares, Inc..
  - Action: appointed
  - Role: Director
  source text: On March 23, 2022, the Board of Directors (the “Board”) of Carter Bankshares, Inc. (the “Company”) unanimously appointed two new members to the Board, Jacob A. Lutz, III and Curtis E. Stephens, effective immediately on that date.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1829576/000182957622000018/0001829576-22-000018-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.