Carter Bankshares in Virginia to close 24 branches

Carter Bankshares in Martinsville, Va., is the latest banking company to announce a large series of branch closures.

The $4.1 billion-asset company disclosed in a regulatory filing Wednesday that it will sell or shutter 24 branches across its footprint, which primarily consists of Virginia and North Carolina, by April 16. The branches make up about a quarter of Carter’s network.

The planned closings “are aligned with the company’s strategic goals to enhance franchise value, improve operating efficiency in the communities it will continue to serve and increase working capital for growth in emerging markets,” the filing said.

Carter said it had created a team within the company to facilitate a “smooth transition for its customers and teammates.”

The company reported a $57.7 million loss in the third quarter that reflected a $62.2 million goodwill impairment charge. The charge was tied to a decline in the company’s stock price, which was largely attributed to fallout from the coronavirus pandemic.

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