Carter Bank

What Carter Bank does

Carter Bank is a Martinsville, Virginia-based community bank operating 63 full-service branches across Virginia, North Carolina, and South Carolina with approximately $4.8 billion in total assets, 501–1,000 employees, and origins dating to 1974. Its publicly traded parent, Carter Bankshares (NASDAQ: CARE), became a Federal Reserve state member bank and converted to a financial holding company in November 2025. The bank serves retail consumers, small-to-mid-sized businesses, commercial real estate investors, and community development organizations with a relationship-led distribution model emphasizing local decision-making and field sales teams (eight mortgage loan originators, regional executives in Charlotte/Carolinas and Greenville, dedicated business banking teams) alongside digital channels.

The product and technology stack spans retail and commercial deposits (checking, savings, CDs, money market, IRAs), a full lending line (conventional/FHA/USDA/VA mortgages, portfolio loans, auto, personal, HELOCs, business, construction, CRE, and community development), credit cards issued via Elan Financial Services, merchant services via Elavon, insurance referrals via Bearing Insurance, and intraFi-network deposit sweep for balances above FDIC limits. Digital infrastructure includes the Carter on the Go iOS/Android app (mobile deposit, bill pay, account alerts), the Carter Mortgage2Go mobile application with real-time loan status, the Commercial Center Manager for business cash management (ACH, wires, receivables), Carter ZEscrow for online escrow with W-9 collection and IRS reporting, ClickSWITCH-powered eSwitch account migration, MoneyPass ATM network access, Apple Pay/Google Pay digital wallet support, Zelle P2P integration, and a credit-monitoring analytics module branded Credit Sense.

Revenue is generated primarily from net interest income — the spread between loan yields and deposit costs — supplemented by deposit account fees (e.g., $5 overdraft protection transfer), loan origination fees, credit card interchange, merchant processing fees, and insurance referral commissions. The combination of branch-led acquisition, online account opening, the mobile app, eight mortgage LOs by territory, and regional business banking executives constitutes the GTM motion. Recent transformational events include the March 2026 sale of the $210M Justice Companies loan exposure for $289.5M (ending a 10-year dispute and enabling the resumption of dividends after a decade-long suspension), the May 2026 launch of no-fee youth banking products for ages 6–18, and the first SC market entry in Greenville.

Name

Carter Bank

Legal name

Carter Bankshares

Website

https://carterbank.com

Company type

Public

Founded year

1974

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Carter Bank is a Martinsville, Virginia-based community bank operating 63 branches across Virginia, North Carolina, and South Carolina. Founded in 1974, it offers retail and commercial deposits, mortgages, small business lending, and credit cards through the Carter on the Go mobile platform.

Ownership category

akta.pro rank

Product category

Community Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (52211), Commercial Banking (522110)

SIC

State Commercial Banks (6022)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industries

Retail Lending (Personal Loans, Auto, Credit Lines) (FSABAAAB), Credit Cards & Revolving Credit (FSABAAAC), Student & Youth Banking (FSABAAAH)

Keywords

• Community banking
• Retail banking
• Commercial lending
• Mortgage lending
• Business banking

Headquarters

HQ city

Martinsville

HQ country

United States

HQ region

North America

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Marketing or Sales, Technology or R&D

Revenue model

1. Net Interest Income: Primary revenue driver from spread between interest earned on loans (mortgages, commercial real estate, auto loans, personal loans) and interest paid on deposits (checking, savings, CDs, money market accounts). The bank reported Q1 net income of $85.8 million following Justice Companies loan resolution.
2. Deposit Account Fees: Various fees including overdraft protection transfer fees ($5), wire transfer fees, excessive transaction fees, and monthly maintenance fees for certain account tiers. Fee schedules available publicly.
3. Loan Origination Fees: Origination fees on mortgage loans, construction loans, commercial real estate loans, and personal loans. Personal loans may include origination fees per fee schedule.
4. Credit Card Interchange: Credit card products issued through Elan Financial Services generate interchange revenue on card transactions. Cards include rewards programs and are accepted at millions of locations worldwide.
5. Merchant Services: Payment processing services for business customers through partnership with Elavon, generating transaction fees on card payments processed for merchants.
6. Insurance Referral Fees: Commission revenue from insurance product referrals through Bearing Insurance partnership for home, auto, life, and business insurance products.
7. Dividend Income: Resumed dividend payments following 10-year suspension after Justice Companies loan resolution. Quarterly dividend of $0.10 per share declared (1.7% annualized yield).

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Carter Bank is a community bank offering deposit products (checking, savings, CDs, money market accounts, IRAs), lending products (mortgages, home equity, auto loans, personal loans, credit cards), and business banking services (commercial real estate loans, construction loans, cash management, merchant services). The bank operates 63 branches across Virginia, North Carolina, and South Carolina, supplemented by mobile and online banking channels including the Carter on the Go app and Mortgage2Go platform.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Checking Accounts
• Personal Savings Accounts
• Carter Youth Savings and Checking
• Certificates of Deposit (CDs)
• Mortgage Loans
• Personal Loans
• Auto Loans
• Home Equity Line of Credit (HELOC)
• Credit Cards
• Business Checking Accounts
• Business Loans
• Commercial Real Estate Loans
• Construction Loans
• Community Development Lending
• Cash Management Services
• Merchant Services
• Insurance Products
• Individual Retirement Account (IRA)

Quantifiable outcome

• Q1 2026 net income of $85.8 million following Justice Companies loan resolution
• +3 more outcomes

Segments6 records

Ideal customer profiles6 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration15 records

AI capability3 records

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Zelle/Early Warning ServicescoreTechnology or Integration · 31 March 2025P2P payment integration through Zelle enabling customers to send and receive money using email or mobile numbers directly from Carter Bank's online and mobile banking platforms. Zelle is operated by Early Warning Services, LLC with over 2,200 participating financial institutions.
• College AveminorGTM or Marketing PartnerStudent loan partnership referral program where Carter Bank refers customers to College Ave for student loan products. The partnership provides rate comparison tools and flexible repayment options for students and parents. Carter Bank receives referral compensation for originated student loans.
• Bearing InsurancecoreGTM or Marketing PartnerLong-standing partnership with Bearing Insurance, one of the Mid-Atlantic's largest independent agencies, providing personal and business insurance products including auto, home, life, liability, and specialty coverage. Carter Bank promotes insurance services through branch locations and receives referral revenue.
• ElavoncoreTechnology or Integration30+ year partnership with Elavon, a national leader in payment processing, providing merchant services for business customers including point-of-sale solutions, mobile processing, and e-commerce support. Elavon supplies hardware, software, and support for Carter Bank's merchant services offerings.
• MoneyPasscoreTechnology or IntegrationNationwide ATM network partnership providing Carter Bank customers surcharge-free access to thousands of MoneyPass ATMs across the country, enhancing customer convenience and expanding access beyond Carter Bank's physical branch network.
• Liberty FlamesminorGTM or Marketing PartnerExpanded sports partnership with Liberty University athletics program (Liberty Flames), providing community visibility and brand exposure through sports marketing. Partnership includes visibility at sporting events and recruitment of local bankers.
• Goat BustersminorStrategic or Co-development PartnerInnovative land management partnership using goats for vegetation control at bank properties. Repeat partnership demonstrating environmental sustainability and cost-effective grounds maintenance.
• Elan Financial ServicescoreTechnology or IntegrationCredit card issuance partnership where Elan Financial Services is the creditor and issuer of Carter Bank-branded Visa credit cards. Elan provides card processing, fraud protection, zero liability coverage, and 24/7 customer service.

Scale indicators10 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• Atlantic Union Bankshares Corp: Virginia-headquartered community/regional bank with comparable retail deposit, CRE, and commercial lending franchises across Virginia and the Carolinas. Operates at a similar Mid-Atlantic community-banking model with branch-led relationship banking.
• Pinnacle Financial Partners: Southeast-focused community bank with strong Tennessee, Virginia, North Carolina, and South Carolina presence. Direct competitor for CRE, business banking, and high-touch relationship lending in the same Carolinas growth corridor.
• United Bankshares: Regional bank holding company headquartered in West Virginia with significant Virginia and DC metro operations. Closely comparable Mid-Atlantic community bank with overlapping commercial and retail banking products.
• HomeTrust Bancshares: North Carolina-headquartered community bank with branches across the Carolinas, Virginia, and Tennessee. Directly comparable footprint and product mix, including retail deposits, mortgage, and small-business lending.
• Blue Ridge Bankshares: Virginia-based community bank offering retail and commercial banking across Central and Northern Virginia. Closely matched community banking model with comparable deposit and CRE loan mix.
• F&M Bank Corp: Virginia-based community bank holding company serving the Shenandoah Valley and adjacent regions. Comparable small-scale community bank competing in the same Mid-Atlantic retail and small-business banking market.
• Burke & Herbert Financial Services: Long-standing Virginia community bank offering retail deposit, mortgage, and commercial lending products. Highly comparable in scale, community-bank positioning, and Virginia retail-banking customer base.
• TowneBank: Virginia-headquartered community bank serving Virginia, North Carolina, and South Carolina with retail, mortgage, and commercial banking. Directly comparable Carolinas expansion playbook and community-banking model.
• Chain Bridge Bancorp: Virginia-based community bank focused on relationship banking in Northern Virginia. Comparable in scale and community-bank model, competing for similar deposit and small-business customers in overlapping markets.

Broad incumbents

• Truist Financial Corporation: Large regional bank with deep Virginia, North Carolina, and South Carolina retail and commercial banking presence. Represents the dominant scaled incumbent against which Carter Bank competes for deposits, mortgages, and CRE relationships.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/carterbank
• LinkedInlinkedin.com/company/carter-bank
• Instagraminstagram.com/carterbank
• Xx.com/carter_bank

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Carter Bank