Carter Bank gains Fed approval to become state member bank, regulated by Richmond Fed

Carter Bankshares, Inc.

Carter Bank received approval from the Board of Governors of the Federal Reserve System to become a state member bank.
The bank will be regulated by the Federal Reserve Bank of Richmond; company already regulated by Richmond Fed.
CEO Litz Van Dyke says membership will streamline regulatory structure and enhance operational efficiency.
Company recently converted to a financial holding company, providing greater flexibility to innovate and grow.
Carter Bank will continue to be regulated by the Virginia State Corporation Commission.

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